Matrix Renewables, the TPG Rise-backed global renewable energy platform, and BBVA have announced the closing of €40 million in sustainable financing to begin the construction of two solar plants, Zaratán and Arroyadas, in the municipality of Valladolid, in northwest Spain. The new plants will lead to the creation of 500 local jobs during the construction phase.

Under a Project Finance agreement, the €40 million of long-term debt will be divided between the two solar projects, generating a combined total of 66MW when completed. The financing has been structured as a green loan aligned with the LMA Green Loan Principles. BBVA has led the financing as Sole Green Loan Coordinator.

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Underscoring the significance of the milestone, Nicolas Navas, CFO, Matrix Renewables commented: “This is yet another important step for Matrix Renewables in consolidating its strong pipeline and portfolio across Europe. We feel very proud to add these projects to the existing €1.2 billion we have financed since our inception in September 2020.”

Elena López Nieto, BBVA Corporate Banking Director in Central Spain, remarked that “sustainability continues to be a key growth lever and BBVA provides innovative financing solutions to accelerate the transition to a decarbonized economy. The Matrix Renewables project, financed by BBVA, is an example of our focus on this area and reinforces the bank’s leadership in sustainable financing”.

Not only will the project generate new renewable electricity, but more than 500 jobs will be created in the local area during the construction phase. Construction began in December 2022 and the plants are expected to start operations at the end of 2023.