Matrix Renewables took another step in its US growth strategy by closing a financial package that will support a portfolio of 859 MWdc of solar energy and 167 MWh of battery storage , consolidating its presence in some of the country's most dynamic energy markets.
The transaction includes financing for projects in California, Texas, and Idaho, combining existing operational assets with new facilities currently under construction. In addition to securing construction and refinancing loans, the company obtained fiscal equity commitments and the entry of strategic investors to drive portfolio development.
In total, the investment associated with these projects will exceed USD 1.3 billion , reflecting the strong interest that the US renewable energy sector continues to generate among financial entities and institutional investors.
A portfolio of almost 860 MW of solar power.
The most important asset in the portfolio is Tormes Solar , a 457 MWdc photovoltaic project located in Navarro County, Texas.
Currently under construction, it will become Matrix Renewables' largest operating project globally once it enters commercial operation, scheduled for the first half of 2027.
The portfolio also includes Pleasant Valley Solar , a 261 MWdc plant located in Idaho, which began commercial operations in March 2025.
In California, Matrix operates Gaskell West , a hybrid complex that combines 143 MWdc of solar power with 80 MWh of storage , operational since May 2023.
This asset is complemented by Alamo BESS , an 86.5 MWh battery system currently under construction in Kern County and scheduled to become operational in August 2026.
More than US$970 million in debt and bridge financing
The financial structure was led by MUFG, HSBC, Nomura and Santander as the main coordinators of the transaction.
The package includes more than USD 470 million in term construction loans , nearly USD 400 million in bridge financing linked to fiscal capital , and approximately USD 100 million in letters of credit .
Additionally, DESRI committed USD 210 million through a preferred equity investment for the two projects currently under construction.
The operation also incorporates the participation of a fiscal equity investor and a minority partner for new developments, strengthening the long-term financing structure.
With nearly 860 MW of financially backed solar power , Matrix Renewables is thus reinforcing its position in the United States and advancing in the construction of a portfolio that combines renewable generation and energy storage, two of the central pillars of the country's electricity transition.