Matrix Renewables Gains Financing for Gaskell West Project Construction

Matrix Renewables has closed on its first U.S. construction loan, tax equity bridge loan and back-levered term loan facility for the Gaskell West 2 and Gaskell West 3 projects. The financing of $217 million was provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank. It follows the $92 million in tax equity financing Matrix received from Bank of America N.A. in June 2022.

The Gaskell West 2 and 3 projects total 143 MW DC of solar energy and incorporate an 80 MWh energy storage system, located in Kern County, Calif. The projects are fully contracted, holding five long-term power purchase agreements with utilities and cities in California. The projects are well advanced in construction.

“The team has achieved another new milestone for Matrix Renewables in closing the platform’s first non-recourse financing in the U.S. for our flagship Gaskell solar power project,” says Cindy Tindell, managing director and head of U.S. for Matrix Renewables. “We are glad to have partnered on this project with MUFG, HSBC, National Bank of Canada and Commonwealth Bank which together provided a unique financing solution.”