What details are known about Matrix Renewables' $1.3 billion financing for US solar and battery projects?

The big picture

Matrix Renewables pulled together a financing deal worth over $1.3 billion for a U.S. solar and battery storage portfolio [1][17][19]. The portfolio covers 859 MWdc of solar and 167 MWh of battery energy storage, spread across California, Idaho, and Texas [2][3][17][18]. The agreement includes construction‑to‑term loans, refinancing of existing operating assets, and tax equity commitments [18][31][32].

What’s in the portfolio?

The four projects backed by this financing are:

• Tormes Solar – a 457 MWdc solar project in Texas, expected to start operations in the first half of 2027 [9][13][26]
• Alamo BESS – an 86.5 MWh battery storage project in California, scheduled for commercial operation by August 2026 [10][14][27]
• Gaskell West – an operating project in California with 143 MWdc of solar PV plus an 80 MWh battery; it has been online since 2023 [11][15][28]
• Pleasant Valley Solar – a 261 MWdc solar project in Idaho that has been producing power since 2025 [12][16][29]

All together, that’s two operating assets and two still under construction [25].

How is the $1.3 billion structured?

The financing breaks down into several pieces:

• Construction‑to‑term loans: more than $470 million [4][20]
• Tax equity bridge loans: around $400 million [5][21]
• Letters of credit: roughly $100 million [6][22]
• Preferred equity from DESRI: $210 million, aimed at the construction‑stage projects [8][23]

Who arranged the money?

The coordinating lead arrangers for the loans were MUFG, HSBC, Nomura, and Santander [7][24]. DESRI also committed preferred equity, as noted above [8][23].

A growing U.S. footprint

After this deal, Matrix Renewables’ overall U.S. portfolio (operating, under‑construction, and ready‑to‑build projects) now adds up to about 1.5 GW [30].

A separate project – Stillhouse Solar (281 MWdc) – also obtained construction financing that later converted to long‑term debt with 15‑year power purchase agreements. However, it is not part of this $1.3 billion package [33].