Matrix Renewables, a renewable energy developer and independent power producer focused on solar and battery energy storage systems, has closed construction-to-term loan financing, tax equity commitments, and refinancing for an 859 MW solar and 167 MWh battery energy storage portfolio in the U.S.

The portfolio includes projects in California, Idaho, and Texas. It comprises two operating assets that have been refinanced, as well as two projects currently under construction.

The debt facilities include more than $470 million in construction-to-term loan financing, about $400 million in tax equity bridge loan financing, and about $100 million in letters of credit. MUFG, HSBC, Nomura, and Santander acted as coordinating lead arrangers for the transaction.

Additionally, DESRI has committed $210 million for a preferred equity investment in the two projects under construction.

Matrix Renewables said the total portfolio, once completed, will represent more than $1.3 billion in investment.

The portfolio includes the 457 MW Tormes Solar, under construction in Navarro County, Texas, expected to begin commercial operations in the first half of 2027.

The portfolio also comprises the Alamo battery storage project, Gaskell West, and Pleasant Valley Solar project. Alamo, an 86.5 MWh battery storage project in Kern County, California, is under construction and expected to enter commercial operation by August 2026. Gaskell West comprises 143 MW of solar capacity and 80 MWh of battery storage systems in Kern County. The projects began commercial operations on May 16, 2023. Pleasant Valley Solar, a 261 MW solar project in Ada County, Idaho, began commercial operations on March 2, 2025.

SOLV Energy is overseeing engineering, procurement, and construction work for Tormes Solar, while BEI Construction is handling Alamo. Matrix Renewables said the projects use equipment from U.S.-based manufacturers First Solar, Nextpower, and Tesla, thereby qualifying them for domestic content status under U.S. Treasury guidelines.

Matrix Renewables said it owns more than 8.7 GW of projects in operation and development across five U.S. regional markets. Globally, Matrix Renewables said its portfolio exceeds 15.5 GW of solar, battery storage, and green hydrogen projects across Europe, the United States, and Latin America.

In April 2026, the company secured £245 million (~$332 million) in non-recourse financing to support the construction of a 500 MW/1,000 MWh battery energy storage system in Eccles–Leitholm, southern Scotland.

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% in Q1 2026 compared with the same period in 2025.