Matrix Renewables has announced the successful completion of the Gaskell West 2 and 3 projects in Kern County, California, following the conclusion of construction and financing activities. The projects consist of a total solar energy capacity of 143MWdc, along with an 80MWh energy storage system. With five long-term power purchase agreements (PPAs) already in place with utilities and cities in California, the projects are fully contracted.
Construction on the Gaskell West 2 and 3 projects commenced on April 27, 2022, and recently achieved commercial operation status on May 5, 2023. To support the completion of these ventures, Matrix Renewables secured tax equity worth US$106 million from Bank of America, in addition to permanent financing of US$99 million. Furthermore, MUFG, HSBC, the National Bank of Canada, and the Commonwealth Bank of Australia provided an additional letter of credit facility worth US$25 million.
Expressing her satisfaction with the accomplishment, Cindy Tindell, the Managing Director and Head of US for Matrix Renewables, stated, “We are thrilled to complete the construction of our first project in the US and to partner with such strong financial institutions for the closing and funding of financing and tax equity.”
As Matrix Renewables expands its team and portfolio, the company continues to strengthen its presence in the United States. The firm's US platform currently boasts an impressive pipeline of over 7GW. These developments align with Matrix Renewables' corporate objectives of becoming a leading renewable energy platform across North America, Europe, and Latin America, with a total pipeline of 11.7GW.
Matrix Renewables received financial advisory services from CohnReznick Capital, which acted as the exclusive financial advisor throughout the process. Additionally, Norton Rose Fulbright provided legal support to the company.
