Matrix Renewables closes $283 million construction to term loan debt

By Marisa Wong

Los Angeles, Feb. 22 – Matrix Renewables said it closed on the construction to term loan financing of $283 million and executed a production tax credit transfer agreement for its project Pleasant Valley Solar located in Idaho.

The debt transaction led by MUFG as coordinated lead arranger includes a construction loan, term loan and letter-of-credit support, according to a press release.

HSBC, SMBC, National Bank of Canada, Commonwealth Bank of Australia and Mizuho acted as mandated lead arrangers.

The tax credit transfer agreement was executed with a property/casualty insurance company as the tax credit buyer and Stonehenge Capital as the tax credit servicer.

The company said it has elected PTC monetization for the project and received a full 10-year PTC purchase commitment from the tax credit buyer.

Matrix was advised by CRC-IB, Norton Rose Fulbright, ICF Resources and Riverside Risk Advisors. Latham & Watkins acted as lenders’ counsel, and Allen & Overy acted as counsel to Stonehenge Capital and the tax credit buyer.

Matrix is a TPG Rise-backed renewable energy company based in Madrid.

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