MATRIX RENEWABLES ANNOUNCES COMMERCIAL OPERATIONS AND INVESTMENT TAX CREDIT FUNDING WITH CONCURRENT TERM CONVERSION FOR A 281MWDC SOLAR PROJECT IN BELL COUNTY, TEXAS

MIAMI, April 16, 2026 /PRNewswire/ -- Matrix Renewables, the TPG Rise-backed global renewable energy platform, today announced the start of commercial operations, the successful Investment Tax Credit ("ITC") funding and the conversion of its construction financing to long-term term debt for the 281MWdc / 210MWac Stillhouse Solar PV project.  The project represents an investment of over $380 million in Bell County, Texas.

The Stillhouse project has a total nameplate capacity of 281MWdc / 210MWac and includes 15-year power purchase agreements with affiliates of Hyundai Motor Group. In addition, the project has partnered with Sustain Our Future Foundation, contributing nearly $3 million to support community benefits through its community engagement program. Stillhouse Solar will provide clean power to the equivalent of 48,862 homes, strengthen grid resiliency, avoid 185,598 metric tons of CO2 equivalent each year, and deliver meaningful community benefits.

Matrix Managing Director and Head of U.S. Cindy Tindell noted: "This transaction marks the major milestone in the project's lifecycle, transitioning from construction into long-term operations, where we were able to work with our partners and stakeholders to optimize the capital structure to deliver stable, renewable energy generation within the ERCOT market." Construction of the project was completed ahead of schedule and below budget, supported by strong collaboration among development, engineering, financing, and construction partners.

Northleaf Capital participated as a minority investor, and Acadia Infrastructure facilitated a hyperscale's purchase of environmental attribute certificates derived from the project. MUFG, HSBC, and ING Capital LLC provided the term debt and letter of credit support.  SOLV Energy served as the EPC on the project and is a partner in the community benefits program.

In the U.S., Matrix owns over 8.7GW of projects in operation and in various stages of development across five different regional markets: ERCOT, CAISO, MISO, WECC, and SPP, and continues to expand its pipeline and team to capitalize on the large demand for renewable energy in the country. Globally, Matrix's portfolio already surpasses 15.5GW of solar power, battery storage, and green hydrogen projects.

About Matrix Renewables

Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $31 billion impact-investing platform. Matrix Renewables' current portfolio is comprised of 15.5GW of solar, storage and green hydrogen projects in Europe, United States, and Latin America.  

For more information, send an email to [email protected] 

SOURCE Weber Shandwick Madrid