Four projects in California, Texas, and Idaho

Matrix Renewables Closes $1.3 Billion Financing for 859 MW Solar, 167 MWh Storage in California, Texas, Idaho

Energy Storage News Solar + Storage Integration
Marin Holt
June 23, 2026
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237
5 minutes read

Total financing: $1.3 billion
Solar capacity: 859 MWdc
Battery storage: 167 MWh
Projects: Four projects in California, Texas, and Idaho
Lead arrangers: MUFG, HSBC, Nomura, Santander

Matrix Renewables closed more than $1.3 billion in financing on June 23, 2026 for a four-project portfolio totaling 859 MWdc of solar generation and 167 MWh of battery storage across California, Texas, and Idaho. The package funds two projects under construction and refinances two that already operate, ranking among the larger United States renewable portfolio closings of the year.

The financing splits into a construction-to-term loan of about $470 million, a tax-equity bridge loan near $400 million, and roughly $100 million in letters of credit. MUFG, HSBC, Nomura, and Santander served as coordinating lead arrangers. DESRI committed $210 million in preferred equity toward the two construction-stage projects.

The Projects

Two assets are under construction: Tormes Solar, a 457 MWdc plant in Navarro County, Texas, and Alamo BESS, an 86.5 MWh battery in Kern County, California. Two operating assets round out the portfolio: Gaskell West in Kern County, pairing 143 MWdc of solar with 80 MWh of storage, and Pleasant Valley Solar, a 261 MWdc plant in Ada County, Idaho.

DESRI preferred equity and the tax-equity bridge target the construction projects, Tormes Solar and Alamo BESS, while the term loan refinances the operating Gaskell West and Pleasant Valley assets. Matrix Renewables did not disclose commercial operation dates for the construction-stage projects.

Why It Matters

Higher interest rates and shifting federal tax-credit rules slowed some United States solar-plus-storage deals over the past year, so a $1.3 billion close spanning construction and refinancing signals that lenders still back diversified portfolios carrying contracted revenue. The structure shows how developers stack a construction-to-term loan, a tax-equity bridge, and preferred equity to move projects from build to operation without leaning on a single funding source. For grid operators in Texas, California, and Idaho, the added solar and storage feed regions where peak demand and interconnection queues keep climbing.

Critical Perspective

Matrix Renewables closed more than $1.3 billion for 859 MWdc of solar but just 167 MWh of storage, a token battery share spread across only two of the four projects. Half that money refinances Gaskell West and Pleasant Valley, assets already operating, so far less than the headline figure builds anything new, and developers like Intersect Power deliberately pair their solar with hours of storage because midday output alone clears at depressed prices. Texas shows why that matters, since ERCOT solar routinely sinks to negative midday prices and the 457 MWdc Tormes Solar plant will sell into exactly that oversupplied market. If only 167 MWh backs 859 MW of solar and half the raise refinances existing plants, how much new firm capacity does a $1.3 billion close actually add?