Matrix Renewables secures €40 million non-recourse financing with UniCredit for six solar plants in Italy

Matrix Renewables, the global renewable energy platform backed by TPG Rise, has successfully closed a €40 million non-recourse financing deal with UniCredit to support the development and construction of six solar photovoltaic (PV) plants across Italy. The plants, located in Sicily, Campania, and Lombardia, will collectively generate 40 MW of power, making a significant contribution to renewable energy production and the reduction of carbon emissions.

This financing aligns with Matrix’s commitment to environmental, social, and governance (ESG) principles. Construction began in September 2024, with the plants expected to create approximately 67 full-time jobs during the construction phase, providing a substantial economic benefit to the local regions. The plants are scheduled to begin operations in the first quarter of 2025. Once operational, the portfolio is projected to produce enough clean energy to power around 27,500 Italian households each year, while helping to prevent approximately 24,500 tons of CO2-equivalent emissions annually (based on IFI 2021 emission factors per country).

UniCredit has played a pivotal role in this financing as the Sole Global Coordinator & Bookrunner, providing full underwriting support.

Nicolas Navas, CFO of Matrix Renewables, highlighted the importance of this deal, saying, “This non-recourse financing not only strengthens Matrix Renewables' position as a leader in the renewable energy sector but also marks a key milestone in our expansion strategy. This is our first financing in Italy, an exciting step as we enter a strategically significant market. We’re thrilled to add these six solar plants to our portfolio and appreciate UniCredit’s dedicated support throughout this process.”

Marco Bortoletti, Lombardy Regional Manager of UniCredit, added, “We are proud to have supported Matrix Renewables in its first transaction in Italy. This deal reflects our commitment to providing innovative solutions that support both our customers and the broader community, contributing to Italy’s energy independence.”

Matrix was advised by Greenhorse, while UniCredit received legal guidance from Legance, technical advice from Fitchner, and market expertise from Baringa.