Matrix Renewables, the TPG Rise-backed global renewable energy platform, announced that it has secured financing for the 210MWac Stillhouse Solar project.
Acadia Infrastructure sourced preferred equity and separately facilitated Microsoft's purchase of environmental attribute certificates. In addition, MUFG, HSBC, ING and BBVA provided US $376 million debt financing.
The Stillhouse project, located, north of Austin, in Bell County, Texas, is a solar PV plant with a total nameplate capacity of 210MWac and includes a 15-year power purchase agreement with affiliates of Hyundai. In addition, the project has partnered with Sustain Our Future Foundation, contributing nearly $3 million to support community benefits through its community engagement program. Stillhouse Solar will provide clean power to the equivalent of 48,862 homes, deliver grid resiliency, avoid 185,598 metric tons of CO2 equivalent each year, and deliver meaningful community benefits. Construction is progressing with a scheduled commercial operation date in Q3 2025.
"We are incredibly pleased to report our financing and construction progress on our Stillhouse solar project. Construction started in Q2 2024, and we expect to start delivering power in 2025 to Hyundai, along with attributes to Microsoft," said Cindy Tindell, Managing Director and Head of U.S. for Matrix Renewables. "We thank Microsoft and MUFG for their ongoing support and look forward to a long relationship with our partners."
"MUFG is pleased to have led this financing for Matrix. Stillhouse will make an important contribution to the energy transition" said Fred Zelaya, Managing Director, MUFG.
"The Stillhouse transaction introduces an innovative path for delivering tangible community benefits through renewable energy projects," noted Yinka N. Bode-George, Founder and CEO of Sustain Our Future Foundation. "In addition to stewarding financial contributions for community impact, our team conducted an environmental justice diligence report, assessed alongside traditional financial, legal, and technical reviews, to ensure that equity and environmental justice are embedded throughout the project lifecycle."
In the U.S., Matrix owns over 8.7GW of projects in operation and in various stages of development across four different regions (CAISO, MISO, ERCOT and WECC) and continues to expand its pipeline and team to capitalize on the large demand for renewable energy in the U.S. Globally, Matrix's portfolio already surpasses 15.6GW of solar power, battery storage and green hydrogen projects.
