The Energy Storage Report 2024

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Spain’s Matrix Renewables gets construction financing for California solar-storage hybrids

By Will Norman
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Spanish renewables platform Matrix Renewables has closed financing for construction of its California-based Gaskell 2 and 3 solar-plus-storage projects, which are already in an advanced construction phase.

US$217 million was provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank to finance the construction loan, tax equity bridge loan and back-levered term loan for the projects on top of US$92 million received from Bank of America in June.

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The projects have a combined capacity of 143MW of solar PV alongside an 80MWh storage system. Five power purchase agreements (PPAs) are in place with utilities and cities in California to offtake the power generated.

To read the full version of this story, visit PV Tech.

22 May 2024
London, UK
At the time of writing, Europe had had its most successful year in terms of Power Purchase Agreements (PPAs) with a record 7.8GW of renewable energy contracts signed. As we gather in May 2024 for the third edition of the Renewable Energy Revenues Summit, the energy landscape continues to evolve rapidly, influenced by the beating drum of climate change, volatility around power prices and the need to decarbonise power procurement as well as generation.

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