A global renewable energy platform has acquired a controlling interest in an Idaho solar project.
Matrix Renewables, the TPG Rise-backed global renewable energy platform, has acquired a controlling stake in the Pleasant Valley Solar Project from rPlus Energies, according to a news release.
The Pleasant Valley Solar Project is a 200 MWac / 261 MWdc solar project located in Idaho which will deliver energy to the Idaho Power system and contribute to Meta’s goal to support 100% of its operations with renewable energy, the release stated. Specifically, output from the project will go into the same grid that supports Meta’s new data center in Kuna, Idaho.
The Pleasant Valley Solar project was awarded a Power Purchase Agreement （PPA） through a negotiated process with Meta and Idaho Power, the release stated. This PPA was made possible through the collaborative efforts between Meta and Idaho Power to develop a special Energy Services Agreement that will allow Meta access to renewables to support its local operations.
Financial terms of the deal were not disclosed.
“We are very pleased with the acquisition of the Pleasant Valley Solar Project and look forward to begin construction and finalize project financing over the coming months,” said Cindy Tindell, managing director and head of U.S. for Matrix Renewables, in the release. “We highly value rPlus as a partner, including the deep connection with the community that they bring to the table. Matrix is excited to be part of this landmark project in Idaho.”
The Project will begin construction in Q3 2023, according to the release.
“rPlus is proud to partner with Matrix Renewables on this impactful project for Idaho and its growing renewable energy infrastructure,” said Luigi Resta, rPlus Energies president & CEO, in the release. “This project represents a significant investment in the region’s energy independence and continued economic development. Both companies are committed to growing and partnering with the Ada County community as this solar project is brought online and through the lifespan of the project.”
rPlus Energies, a leader in renewable energy development in the American West, has rapidly developed a portfolio of over 40 projects across the U.S. representing over 14 GW of renewable energy production and electric storage capacity., according to the release.
In the U.S., Matrix owns over 6 GW of projects in operation and in various stages of development across four different regions （CAISO, MISO, ERCOT and WECC） and continues to expand its pipeline and team to capitalize on the large demand for renewable energy in the U.S., the release stated Globally, Matrix’s portfolio already surpasses 13 GW of solar power, battery storage and green hydrogen projects.
Matrix is a renewable energy platform created and backed by global alternative asset manager TPG and its $17 billion impact-investing platform TPG Rise.
