The company Matrix Renewables, backed by the asset manager TPG Rise, closed a long-term financing agreement for 290 million dollars for distributed solar generation (DG) projects in Chile. The deal was closed under a private placement scheme in the United States and will have a term of more than 20 years.

The financing, which helds an investment grade rating, corresponds to 328 megawatts (MW) of photovoltaic portfolio of 48 solar projects distributed in Chile, eligible under the stabilized price mechanism for Small Means of Distributed Generation (PMGD by its initials in Spanish).

The portfolio comprises projects in operation, under construction or in advanced stages of development, including schemes acquired from Trina Solar and Verano Capital. BNP Paribas has acted as placement agent for the operation.