Matrix Renewables, the TPG Rise-backed renewable energy platform, has announced a new long-term financing agreement signed with Banco Santander for its 50 MW Olivares Project.

Located in the Spanish province of Jaen, the project has a capacity of 50 MW, and its construction is expected to create 175 jobs, of which 40% are local. It will begin operating in 3Q22, delivering new clean electricity to Spanish households and businesses.

Speaking after the deal was concluded, Santiago Molina, Director of Investments at Matrix Renewables, said: "We are pleased to announce this agreement, which represents an important moment for Matrix Renewables, the regional power markets, and consumers across Spain. Not only is it the first in a considerable pipeline of long-term financings for the platform in Spain, the bilateral power purchase agreement further demonstrates the international and domestic sector's support of renewable energy projects in the country. Given that Matrix Renewables is based in Spain, this is a significant milestone for us, and we look forward to announcing more of these long-term financing agreements in the near future."

The new deal is part of Matrix Renewables' 4.8 GW existing portfolio and footprint which extends across Europe, the US, and Latin America. The company is headquartered in Madrid and has grown to nearly 50 employees since it was launched by TPG in 2020.