Matrix Renewables, a global renewable energy platform created and backed by alternative asset manager TPG and its impact investing platform The Rise Fund, will invest in an initial portfolio of 150 MW made up of three solar PV assets located in Huelva, Spain. These assets, which have the ability to co-locate energy storage, are part of a 1 GW wider partnership agreement signed with Rolwind Group. Construction is expected to begin in late summer 2021 and the projects will begin generating power in June 2022 under a bilateral power purchase agreement.

Following this investment’s closing, Matrix Renewables increases its Spanish portfolio to 275 MW in ready to build and late-stage development assets. Matrix has further ambitions to increase its expanding portfolio across the Iberian Peninsula.

“Matrix is excited about this new investment in Spain, which represents an important step in expanding our presence in Europe. These projects have great solar resource, are permitted for storage and have a good grid connection – we are excited to be working with Rolwind to bring them into operation next year, ” said Iñigo Asensio, Head of M&A and Investments of Matrix Renewables.

Domingo Estepa, CEO of Rolwind said: “We are delighted to partner with Matrix and TPG in this agreement, which allows us to give a strong boost to our developments in Spain where we currently have more than 1GW in different stages of development.”