Commercial operations started for 281 MWdc / 210 MWac Solar PV project in the USA

Matrix Renewables, the TPG Rise-backed global renewable energy platform, announced the start of commercial operations, the successful Investment Tax Credit (ITC) funding, and the conversion of its construction financing to long-term term debt for the 281MWdc / 210MWac Stillhouse Solar PV project. The project represents an investment of over US$380 million in Bell County, Texas. 

The project includes 15-year power purchase agreements with affiliates of Hyundai Motor Group. In addition, the project has partnered with Sustain Our Future Foundation, to support social initiatives through its community engagement program in the United States. Stillhouse Solar will provide clean power to the equivalent of 48,862 homes, strengthen grid resiliency, avoid 185,598 metric tons of CO2 equivalent each year, and deliver meaningful community benefits.

Northleaf Capital participated as a minority investor, and Acadia Infrastructure facilitated a hyperscale’s purchase of environmental attribute certificates derived from the project. MUFG, HSBC, and ING Capital LLC provided the term debt and letter of credit support.  SOLV Energy served as the EPC on the project and is a partner in the community benefits program.