Matrix Renewables Secures Financing and Tax Credit Transfer for 260MWDC Solar Project in Ada County, Idaho … – SolarQuarter

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Matrix Renewables, the TPG Rise-backed global renewable energy platform, has announced the successful closure of construction to term loan financing totaling $283 million for its Pleasant Valley Solar project in Idaho. Additionally, the company has executed a production tax credit (PTC) transfer agreement.

Led by MUFG as Coordinated Lead Arranger, the debt transaction includes a construction loan, term loan, and LC support, with HSBC, SMBC, National Bank of Canada, Commonwealth Bank of Australia, and Mizuho acting as Mandated Lead Arrangers. The tax credit transfer agreement involves a property/casualty insurance company as the tax credit buyer and Stonehenge Capital as the tax credit servicer. Matrix has chosen PTC monetization for the project, securing a full 10-year PTC purchase commitment from the tax credit buyer.

Cindy Tindell, Managing Director and Head of U.S. for Matrix Renewables, expressed satisfaction with the financing and construction progress on the Pleasant Valley Solar project. Construction commenced in Q3 2023, with power delivery expected to begin in 2025 to Idaho Power and Meta under a 20-year PPA. Tindell highlighted the project’s capacity to provide clean power equivalent to 14,500 homes, enhance grid resiliency, and mitigate 211,000 metric tons of CO2 emissions annually, offering both environmental benefits and economic advantages to the Boise metropolitan region in Idaho.


Fred Zelaya, Managing Director on the MUFG Americas Project Finance team, conveyed MUFG’s enthusiasm for participating in the transaction and reiterated the bank’s commitment to supporting Matrix Renewables on this project and future endeavors.

In the United States, Matrix Renewables owns over 6.7 GW of projects in operation and under development across four different regions (CAISO, MISO, ERCOT, and WECC). The company continues to expand its pipeline and team to meet the growing demand for renewable energy in the U.S. Globally, Matrix’s portfolio exceeds 14 GW of solar power, battery storage, and green hydrogen projects.

Matrix received advisory support from CRC-IB, Norton Rose Fulbright, ICF Resources, and Riverside Risk Advisors. Latham & Watkins served as lenders’ counsel, while Allen & Overy acted as counsel to Stonehenge Capital and the tax credit buyer.

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