TPG Launches Matrix Renewables with The Rise Fund’s Acquisition of 1GW of Solar PV Projects from Trina Solar

New renewable energy platform will look to
operate, acquire, and develop additional solar and clean energy
infrastructure projects

PVTIME - The Rise Fund, a global impact investing fund managed by alternative asset firm TPG, today announced the acquisition of approximately 1 gigawatt (GW) of solar PV projects from Changzhou, China-based Trina Solar (SHA:688599). The solar PV projects included in the transaction are currently operational, under construction or in late stage development nearing ready-to-build status across Spain, Chile, Colombia, and Mexico, and will serve as the first solar PV projects within the portfolio of newly created, Madrid-based Matrix Renewables. Terms of the transaction were not disclosed.

TPG and The Rise Fund are assembling an industry-leading management
team for Matrix Renewables and will leverage the firm’s extensive
investing and business building experience, global network, and deep
cross-platform infrastructure and renewable energy expertise to develop
and acquire additional solar PV projects globally.

“We are excited to launch Matrix Renewables with such a
geographically diverse set of high-quality solar PV projects,” said Ed
Beckley, a Partner at TPG who leads the firm’s infrastructure investing
efforts. “Trina is one of the leading manufacturers of solar PVs, with a
history of developing world-class solar PV projects in key markets.
With the establishment of Matrix Renewables and the leadership of a
seasoned management team, we are actively looking for additional
strategic opportunities to grow our global portfolio and build out the
platform.”

“The global solar PV market continues to grow rapidly as it benefits
from a number of secular tailwinds including the accelerating shift to
decarbonization,” said Steve Ellis, Co-Managing Partner of The Rise
Fund. “Solar PV development is one of the many ways The Rise Fund is
tackling climate change and addressing the climate, energy, and
responsible consumption-focused United Nations Sustainable Development
Goals. We look forward to growing the Matrix Renewables portfolio to
accelerate positive environmental impact well-beyond this initial 1GW of
clean energy generation.”

TPG has been building out a dedicated infrastructure investing team,
based in its London office, with key hires over the last year, including
Steven Mandel who brings deep experience in renewables investments. The
team works across TPG platforms and their partnership with The Rise
Fund in this transaction led to the formation of Matrix Renewables.
TPG’s infrastructure team also recently led the firm’s investment into
Abengoa S.A.’s operating electricity transmission line assets in Brazil.
Throughout TPG’s history, the firm has made a number of investments in
the broader infrastructure asset class around the world, including in
transportation, telecommunications, and renewable energy.

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