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Asia Connect / Europe
Matrix Renewables projects secure €179 million loan
Five solar PV plants with combined capacity of 239MW to power 144,000 households in Spain
Michael Marray 15 May 2024

Banco Sabadell has led a €179 million (US$193 million) green loan to Matrix Renewables to finance the construction and operation of five solar photovoltaic plants in Spain.

Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its US$19 billion impact investing platform TPG Rise. Its current portfolio comprises 14 gigawatts of solar, storage and green hydrogen projects in Europe, the United States, and Latin America.

Watson Farley & Williams served as legal adviser to Banco Sabadell, while Linklaters advised Matrix Renewables.

Located in Spain’s Castilla León and Extremadura regions, the five projects have a combined capacity of 239 megawatts, enough to power 144,000 households annually while helping reduce carbon emissions.

Matrix Renewables also recently closed a €300 million corporate debt facility led by Santander Corporate & Investment Banking.

The green and sustainability-linked loan will facilitate the construction of projects across the firm’s various markets, including Spain, the US, Italy, and Chile.

With an existing advanced development portfolio comprising 2.5GW out of a total of 14GW across Matrix geographies, the company aims to reinforce its position as a leader in the renewable energy sector.

Matrix was advised by Clifford Chance, while Santander CIB had Linklaters as legal counsel. E&Y served as the valuation adviser and financial model auditor for Santander CIB.

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