Matrix Renewables
Matrix Renewables is a Madrid-headquartered integrated Independent Power Producer that develops, finances, builds, and operates utility-scale solar PV, battery storage, wind, green hydrogen, and data center projects across Europe, the US, and Latin America, serving investment-grade corporate and utility offtakers through long-term PPAs.
- Company typePrivate
- Founded2020
- HeadquartersMadrid, Spain
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Matrix Renewables does
Matrix Renewables is a Madrid-headquartered, fully integrated Independent Power Producer (IPP) founded in 2020 and backed by TPG Rise (~$31–32B AUM). The company develops, finances, builds, and operates utility-scale renewable energy and storage assets across five countries—Spain, the United States, Italy, Chile, and the United Kingdom—with a pipeline exceeding 15.5 GW spanning Solar PV (>4 GW), Battery Energy Storage Systems (>7.4 GW standalone or co-located), wind hybridization (>0.5 GW), green hydrogen (>1.6 GW, operated through the Hyren platform launched in 2023), and data centers (>0.3 GW). As of mid-2026, approximately 4.3 GW of projects are operational, under construction, or ready to build, with 2.8 GW contracted under long-term PPAs to investment-grade offtakers.
Matrix generates revenue through long-term Power Purchase Agreements with industrial, utility, and hyperscale data center customers—including Hyundai, Merck, Amazon, Meta (via Idaho Power), Volkswagen, H&M, Statkraft, EDP, and Centrica—settling electricity as produced, against a solar profile, or shaped in combination with BESS. Additional revenue streams include green credits (RECs, Guarantees of Origin, Carbon Credits, I-RECs) and BESS services (capacity, frequency response, voltage support, and time shifting). The company has structured and executed approximately $5.6 billion+ in energy financing across 40+ bank and investor relationships, including MUFG, HSBC, Santander CIB, Natixis, Banco Sabadell, CIBC, Nomura, NatWest, and DESRI, while accessing green and sustainability-linked corporate debt. Strategic partners include Tesla (EPC for the Scotland BESS), EDF (battery optimization via the Powershift platform), SOLV Energy and BEI Construction (US EPC), and First Solar (US module supply).
The business model is asset-heavy and capital-intensive, requiring sustained access to non-recourse project finance and tax equity (e.g., the $210M DESRI preferred equity in 2026). Matrix differentiates through greenfield development, exclusive Tier 1 supplier relationships with rigorous ESG audits, and an integrated senior team averaging 20+ years of experience from NEXTracker, SunEdison, NextEra, EDF, and Macquarie Green Investment Group. The company exited Colombia in 2023 and divested its MISO development portfolio in 2025 to focus capital on higher-IRR markets.
Matrix Renewables firmographics
Firmographics- Name
- Matrix Renewables
- Legal name
- Matrix Renewables (Spain) Holdings S.L.
- Website
- https://matrixrenewables.com/
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Matrix Renewables is a Madrid-headquartered integrated Independent Power Producer that develops, finances, builds, and operates utility-scale solar PV, battery storage, wind, green hydrogen, and data center projects across Europe, the US, and Latin America, serving investment-grade corporate and utility offtakers through long-term PPAs.
- Ownership category
- akta.pro rank
Matrix Renewables industry classification
Industry- Product category
- Renewable Energy / Independent Power Production
- NAICS
- Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111)
- SIC
- Electric Services (4911), Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)
- akta.pro secondary industries
- Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD), Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI), Contracts for Differences (CfDs) & Virtual PPAs (VPPAs) (EUAGADAH), Hybrid Microgrids (Solar+Storage+Gen, Multi-Resource) (EUACALAH)
Keywords
Where Matrix Renewables is headquartered
LocationHeadquarters
- HQ city
- Madrid
- HQ country
- Spain
- HQ region
- Europe
Offices6 records
Markets served
Matrix Renewables business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales
Revenue model
- Renewable Energy Generation and Sale: Matrix develops, builds, finances, and operates solar PV and BESS projects, selling electricity and green credits to offtakers through long-term PPAs. Revenue is generated from contracted power purchase agreements with investment-grade counterparties, providing predictable cash flows. The company also provides flexible supply through solar and BESS, and offers green credits including RECs, Guarantees of Origin, Carbon Credits, and I-RECs.
- Energy Storage Services: BESS assets generate revenue through capacity, frequency response, voltage support, and time shifting services. The company optimizes battery performance across multiple revenue stacks in different geographies.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
Matrix Renewables product offering
Product offeringCore offering
Matrix Renewables is a fully integrated Independent Power Producer (IPP) that develops, builds, finances, and operates utility-scale renewable energy and storage assets. The company sells renewable electricity, green credits, and storage services to investment-grade corporate offtakers, utilities, and hyperscale data centers through long-term Power Purchase Agreements (PPAs) across Europe, the United States, and Latin America.
Product overview
Matrix Renewables is a fully integrated Independent Power Producer (IPP) that develops, builds, finances, and operates renewable energy assets across Europe, the United States, and Latin America. The company operates a multi-technology portfolio centered on Solar PV (over 4 GW under development), Battery Energy Storage Systems (BESS) (over 7.4 GW standalone or co-location), Wind Projects (over 0.5 GW including hybridization), Green Hydrogen (over 1.6 GW capacity), and Data Centers (over 0.3 GW). Their commercial offerings include renewable electricity PPAs, green credits (RECs, guarantees of origin, carbon credits, I-RECs), and storage products (capacity, frequency response, voltage support, time shifting) sold to corporations and utilities. The company also offers standalone and co-located BESS projects for grid optimization and renewable integration.
Differentiator
Problem solved
Functional benefit
Brands
- Hyren: Green hydrogen strategy platform launched in 2023 to lead Matrix Renewables' green hydrogen initiatives.
Products and services
- Solar PV Projects Utility-scale solar photovoltaic power generation projects that produce clean electricity from sunlight, with or without co-located battery storage. Built as greenfield developments for corporate and utility offtakers.
- Battery Energy Storage Systems (BESS) Large-scale battery energy storage systems designed to store clean energy from renewable sources and dispatch it when needed, providing capacity, frequency response, voltage support, and time-shifting services to grids and offtakers.
- Wind Projects Onshore wind energy generation projects that harness wind power to produce electricity, including wind hybridization with solar installations.
- Green Hydrogen Projects Green hydrogen production capacity using renewable electricity to produce clean hydrogen fuel through electrolysis, supporting industrial decarbonization.
- Renewable Electricity (PPA Products) Renewable electricity supply sold through long-term Power Purchase Agreements, settled as produced, against a solar profile, or shaped in combination with BESS assets to deliver power when needed most.
- Green Credits Environmental attributes including RECs (Renewable Energy Certificates), Guarantees of Origin, Carbon Credits, and I-RECs that certify renewable energy consumption and support corporate sustainability goals.
- Storage Products (Grid Services) Battery storage services providing capacity, frequency response, voltage support, and time-shifting MWh to help stabilize grids and optimize renewable energy dispatch.
- Data Center Projects Sustainable data center projects powered by renewable energy to support digital infrastructure with low-carbon footprint, including hyperscale data center power supply with co-located storage.
Quantifiable outcome
- 185,598 metric tons of CO2 avoided annually by the Stillhouse Solar project (281 MWdc in Texas)
- +6 more outcomes
Companies that use Matrix Renewables
Customer profileNamed customers9 records
Segments4 records
Ideal customer profiles4 records
Matrix Renewables technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Matrix Renewables partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered major and core.
- BEI Construction, Inc.majorBEI Construction, Inc. serves as EPC contractor for the Alamo BESS project (86.5 MWh) in Kern County, California.
- First SolarcoreFirst Solar supplies solar modules for Matrix's U.S. projects, contributing to domestic content status under U.S. Treasury guidelines for the portfolio.
- NextPowermajorNextPower supplies solar modules for Matrix's U.S. projects, supporting domestic content requirements under U.S. Treasury guidelines.
- SOLV EnergycoreSOLV Energy serves as EPC contractor for the 457 MWdc Tormes Solar Project in Navarro County, Texas ($750 million investment). Matrix and SOLV Energy collaborated previously on the Stillhouse Solar project in Bell County, Texas, which entered operation in late 2025.
- EDFcoreEDF entered a long-term Battery Optimisation Agreement with Matrix to provide route-to-market services and optimize the 500 MW/1,000 MWh BESS in Eccles, Scotland, using EDF's Powershift platform. EDF will manage the battery's performance across UK power markets to support grid stability and integrate renewable energy. Construction began November 2025 with commercial operations expected Q3 2027.
- TeslacoreTesla signed a full EPC agreement with Matrix for the design, construction, and commissioning of a 500 MW/2-hour (1 GWh) standalone BESS project in Eccles, Scotland—the company's first standalone BESS project in the UK and one of its largest in Europe. Tesla will oversee the entire process from design through commissioning using Megapack technology.
- RESmajorRES provides O&M (Operations & Maintenance) services for 300 MW of PV capacity in Spain for Matrix Renewables.
Scale indicators24 records
Recent moves10 records
Expansion highlights6 records
Matrix Renewables competitors and assessment
Company assessmentDirect peers
- Sonnedix: Global solar-focused IPP developing, owning, and operating utility-scale PV and storage across Europe, the Americas, and Asia-Pacific. Acquired by JP Morgan's Climate Infrastructure Business in 2024 at a multi-billion valuation; comparable scale (~10 GW operating), private-equity-backed model, and similar corporate PPA focus.
- Lightsource bp: Global solar and storage developer and IPP with multi-GW utility-scale portfolios in the U.S., Europe, Australia, and LatAm. Comparable greenfield development model, corporate PPA sales focus, and TPG/PE-style sponsor backing (bp and strategic partners).
- Atlas Renewable Energy: Private, PE-backed utility-scale solar IPP with concentrated operations in Latin America (especially Chile, Mexico, Brazil, Colombia) and growing U.S. presence. Closest peer to Matrix's LatAm and Chile footprint and its corporate virtual PPA structuring expertise.
- Clearway Energy Group: U.S.-focused renewables IPP and owner-operator of utility-scale solar, wind, and battery storage, majority-owned by Global Infrastructure Partners (BlackRock). Competes directly with Matrix in California, Texas, and broader U.S. markets for hyperscaler offtake and tax-equity financing structures.
Broad incumbents
- EDP Renováveis (EDPR): One of the world's largest publicly listed wind and solar IPPs, with significant operations across Europe, North America, and Brazil. Overlaps with Matrix in Iberian, U.S., and Brazilian markets and competes for the same corporate PPA and BESS opportunities, but at much larger scale and as part of the broader EDP group.
- Enel Green Power: Global renewables IPP arm of Enel Group operating utility-scale solar, wind, and storage across more than 30 countries. Competes with Matrix for corporate and utility offtake contracts in Spain, Italy, the Americas, and the UK, and is a direct competitor in BESS and hybrid renewables-plus-storage projects.
- NextEra Energy Resources: Largest U.S. renewables operator and a global leader in wind and solar development, with a major BESS pipeline. Direct competitor for U.S. utility-scale solar and storage projects and hyperscaler PPAs (Matrix's Head of U.S. Cindy Tindell was a NextEra VP M&A).
- RWE Renewables: European-headquartered global renewables IPP with utility-scale solar, onshore/offshore wind, and battery storage across Europe, the Americas, and Asia-Pacific. Comparable Iberian, Italian, UK, and U.S. footprint and BESS-focused growth strategy.
- Iberdrola Renovables: Global renewables arm of Iberdrola operating utility-scale solar, wind, and storage in Spain, the U.S., the UK, LatAm, and Australia. Direct incumbent competitor in Spain and the U.S. for solar and BESS assets, corporate PPAs, and grid services.
Emerging players
- Akuo Energy: Independent European renewables developer and IPP with utility-scale solar, wind, and storage across France, Iberia, the Caribbean, and emerging markets. Comparable mid-scale IPP model with strong project finance track record and corporate PPA focus.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Matrix Renewables social profiles
Digital presenceMatrix Renewables compliance and trust
Trust signalCompliance2 records
Matrix Renewables financial estimates
Financial estimateRevenue estimate
Valuation estimate
Matrix Renewables leadership team
Management profileNumber of profiles
Profiles8 records
Matrix Renewables funding detail
Funding detailFunding overview
Funding rounds13 records
Investors14 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Matrix Renewables M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Matrix Renewables
What does Matrix Renewables do?
Matrix Renewables is a fully integrated Independent Power Producer (IPP) that develops, builds, finances, and operates utility-scale renewable energy and storage assets. The company sells renewable electricity, green credits, and storage services to investment-grade corporate offtakers, utilities, and hyperscale data centers through long-term Power Purchase Agreements (PPAs) across Europe, the United States, and Latin America.
Is Matrix Renewables a public or private company?
Matrix Renewables is a private company. It is classified as private equity controlled and is currently operating.
When was Matrix Renewables founded?
Matrix Renewables was founded in 2020. It employs 101 to 250 people.
Where is Matrix Renewables based?
Matrix Renewables is headquartered in Madrid, Spain, in the Europe region.
How does Matrix Renewables make money?
Two revenue lines are on record. Renewable Energy Generation and Sale is the primary driver. The others are energy Storage Services.
Who are Matrix Renewables's main competitors?
Direct peers on record are Sonnedix, Lightsource bp, Atlas Renewable Energy and Clearway Energy Group. Broad incumbents are EDP Renováveis (EDPR), Enel Green Power, NextEra Energy Resources, RWE Renewables and Iberdrola Renovables. Akuo Energy is listed as an emerging player.
Does Matrix Renewables have an API?
No public API is recorded for Matrix Renewables.
What industry is Matrix Renewables in?
Matrix Renewables's product category is Renewable Energy / Independent Power Production. Its primary akta.pro industry code is EUAMABAA, Solar Project Development & IPP (Utility-Scale & Rooftop), with a secondary code of EUAMAAAE, Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy). Its NAICS code is 221114 and its SIC code is 4911.