Matrix Renewables (Matrix), the TPG Rise-backed global renewable energy platform, has successfully closed a $128.9 million (€124 million) non-recourse financing for the construction of three solar photovoltaic (PV) plants totaling 157 MW in Castilla León and Castilla La Mancha, Spain. The financing is supported by BBVA, NORD/LB (which also acts as the agent), and Rabobank.
The plants, located in the Palencia province of Castilla León and Cuenca province of Castilla La Mancha, will significantly contribute to clean energy generation and carbon emission reduction and the plants are expected to create around 260 full-time jobs during the construction phase.
Construction of the plants began in November 2024. Once operational in the first quarter of 2026, the portfolio will generate enough clean energy to power approximately 78,000 households annually and prevent over 100,000 tons of CO2-equivalent emissions each year. Matrix Renewables has collaborated with local government authorities and environmental groups to ensure the successful integration of these projects into the local landscape while adhering to rigorous environmental standards.
Nicolas Navas, CFO of Matrix Renewables, said: “This financing structure, involving BBVA, NORD/LB, and Rabobank, showcases the growing interest and investment in renewable energy projects by major financial institutions, further strengthening Matrix Renewables’ ability to scale its impact in the renewable energy market. The addition of these three solar plants to our growing portfolio will accelerate our efforts to provide clean energy while advancing our commitment to sustainability.”
Borja Sáez de Montagut, Managing Director responsible for Project Finance Energy at BBVA, stated: ‘We are once again delighted to support Matrix in the financing of its renewable energy projects. At BBVA, sustainability is at the core of our strategy. This transaction exemplifies our commitment to partnering with clients to drive sustainable development by enabling renewable energy initiatives and advancing the fight against climate change.”
Heiko Ludwig, Global Head of Structured Finance at NORD/LB, commented: “At NORD/LB we’re committed to financing important renewable energy projects that expedite Europe’s net-zero transition, creating clean energy for millions of households. These solar farms will meaningfully contribute to Spain’s renewable energy plans, and we’re excited to be working with Matrix to help further decarbonize the country’s economy.”
Carol Kort, Executive Director Rabobank Project Finance, stated: “Rabobank is delighted to have supported this transaction, and there with the continued growth of Matrix Renewables’ portfolio of renewable energy assets, confirming our commitment to being a lead bank in advancing the global energy transition. We are proud to be a trusted partner of Matrix Renewables and this collaboration highlights our mutual dedication to driving the shift towards a more sustainable, low-carbon future.”
Matrix was advised by Linklaters (Madrid office), while BBVA, NORD/LB, and Rabobank were supported by Watson Farley Williams (Madrid and UK offices) for legal advice and Altermia for technical advisory.