Project Finance Brief: Matrix Secures $92 Million Funding for Gaskell Solar Projects

From: Mercom Capital Group

Matrix Renewables, the TPG Rise-backed global renewable energy platform, has signed a $92 million tax equity funding for the Gaskell West 2 and Gaskell West 3 projects in the U.S. An affiliate of Bank of America is providing the tax equity. The Gaskell West 2 and 3 projects have an installed capacity of 143 MW of solar and an 80 MWh energy storage system, located in Kern County, California. The projects are fully contracted, holding five long-term power purchase agreements with utilities and cities in California. Both projects are in progress and are expected to achieve commercial operation in late 2022. Matrix was advised by CohnReznick Capital, which served as a financial advisor, and Norton Rose Fulbright.

Vena Energy, an independent solar power producer, has secured a green loan of JPY 8.54 billion (~$63.1 million) under a co-financing scheme led by Sumitomo Mitsui Trust Bank to construct the 26 MW Kisarazu Shimogori solar project in Japan. The project is under construction and expected to be completed in the fourth quarter of 2022. The financing is aligned with Vena Energy’s Green Financing Framework, and the project will be the company’s first renewable energy project in Chiba Prefecture.

German electric utility EnBW has agreed to acquire pre-developed 400 MW of solar projects in Brandenburg from Procon Solar. The agreement includes an option for EnBW to acquire a further 400 MW. The contracts cover solar projects…