Madrid-based renewable energy platform Matrix Renewables has secured project finance to fund the construction of five solar photovoltaic plants totalling 239 MW in Spain, the TPG Rise-backed enterprise said on Tuesday.
Spanish bank Banco Sabadell granted the firm EUR 179 million (USD 191.1m) in non-recourse project financing, acting a the sole loan coordinator.
The funding will support five projects, spread between Palencia province in the region of Castile and Leon, and Badajoz province in Extremadura. Construction of the solar farms began in December 2023.
Matrix expects the initial plants to start operations in the first quarter of 2025.
