Matrix Renewables, a renewable energy developer and independent power producer focused on solar and battery energy storage systems, has secured £245 million (~$332 million) in non-recourse financing.

The funding package was structured as an underwritten project finance facility, provided by CIBC (London Branch), MUFG Bank, and NatWest, with NatWest also acting as facility agent.

A&O Shearman advised Matrix Renewables on the transaction, while Watson Farley & Williams acted as legal advisor to the lenders. Enertis served as technical advisor, and Aurora provided market advisory services.

The financing will support the construction of a 500 MW/1,000 MWh battery energy storage system located in Eccles–Leitholm in southern Scotland.

Construction of the project began in November 2025, with commercial operations expected in the third quarter of 2027.

“This £245 million ($332 Million) financing, underwritten by CIBC, MUFG, and NatWest, reflects the strong and growing demand for high-quality battery storage assets and reinforces the strength of our UK platform. We are grateful for the continued support and partnership of our banking partners in bringing this project to a successful financial close”, said Nicolás Navas, CFO at Matrix Renewables.

Matrix Renewables, backed by TPG Rise, develops, owns, and operates renewable energy and storage assets globally. The company’s current portfolio comprises 15.5 GW of solar, storage, and green hydrogen projects in Europe, the United States, and Latin America.

Large-scale project funding increased by 73% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Energy Storage Funding and M&A report. Deal activity also rose sharply, with a 71% increase YoY.

In 2025, Matrix Renewables closed €40 million (~$41.36 million) in non-recourse financing with UniCredit to support the construction and development of a solar project portfolio totaling 40 MW. The portfolio comprises six projects located across various regions of Italy.