Matrix Renewables (global renewable energy platform) brings 281MW DC Stillhouse Solar Project Online in Bell County, Texas, United States (US) with USD 380 Million Investment and Hyundai (Automotive Company) Power Purchase Agreements

Matrix Renewables, the renewable energy platform backed by TPG Rise(Investing Platform), has announced the start of commercial operations for its Stillhouse Solar PV project in Bell County, Texas, along with the successful funding of an Investment Tax Credit and the conversion of its construction financing into long-term debt.

Project Scale and Financial Structure

The Stillhouse Solar project carries a total nameplate capacity of 281MW (Direct Current) DC and 210MW (Alternating Current)AC and represents an investment of more than USD 380 million in Bell County.

The transaction marks the completion of the project's transition from the construction phase into long-term operations. Matrix stated that construction was completed ahead of schedule and below budget, the result of collaboration across the company's development, engineering, financing, and construction teams.

Mitsubishi United Financial of Japan Financial Group (MUFG), Hong Kong and Shanghai Banking Corporation (HSBC), and ING Capital LLC (Internationale Nederlanden Groep) provided the term debt and letter of credit support for the project.

Northleaf Capital (investment firm) participated as a minority investor. Acadia Infrastructure (Investment Platform) facilitated a hyperscale company's purchase of environmental attribute certificates derived from the project.

SOLV Energy (Energy Infrastructure Company) served as the engineering, procurement, and construction contractor and is also a partner in the project's community benefits program.

Power Purchase Agreements With Hyundai Motor Group

The Stillhouse project includes 15-year power purchase agreements with affiliates of Hyundai Motor Group. The agreements provide a long-term offtake structure for the energy generated by the facility, which operates within the Electric Reliability Council of Texas (ERCOT) market in Texas.

Matrix Managing Director and Head of U.S., Cindy Tindell, described the transaction as a major milestone in the project's lifecycle.

"This transaction marks a 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," Tindell said.

Environmental and Community Impact

According to Matrix Renewables, Stillhouse Solar will provide clean power equivalent to that needed to supply 48,862 homes. The project is projected to avoid 185,598 metric tons of CO2 equivalent each year.

Matrix has also partnered with the Sustain (A Non-Profit Organization), Our Future Foundation, to support social initiatives through its community engagement program in the United States.

Matrix's U.S. and Global Footprint

The Stillhouse project adds to a substantial U.S. portfolio for Matrix Renewables. The company states it owns more than 8.7 gigawatts of projects in operation and in various stages of development across five regional markets in the United States: ERCOT, California Independent System Operator (CAISO), Midcontinent Independent System Operator (MISO), Western Electricity Coordinating Council (WECC), and Southwest Power Pool (SPP).

The company said it continues to expand both its pipeline and its team to meet demand for renewable energy across the country. Globally, Matrix's portfolio surpasses 15.5 gigawatts and spans solar power, battery storage, and green hydrogen projects across Europe, the United States, and Latin America.

The company is backed by TPG's impact-investing platform, which manages USD 29 billion in assets. Recent activity for Matrix has also included a partnership with EDF (Électricité de France), an energy utility company, to optimize a 500-megawatt battery storage project in Scotland, announced in March 2026, and a ranking among Europe's fastest-growing companies in the Financial Times FT1000 special report, also published in March 2026.

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