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

By Will Norman

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.

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