Green energy
Matrix Renewables, the renewable energy platform backed by TPG Rise, has announced the successful grid connection of two new renewable energy projects in Spain: Cruz de los Caminos and Piedra de la Sal. The milestone further strengthens the company’s position in the Spanish renewable energy market and advances its long-term clean energy strategy across Europe.
The commissioning of Cruz de los Caminos and Piedra de la Sal increases Matrix Renewables’ operational portfolio in Spain to 15 interconnected renewable energy projects, with a combined installed capacity of 691 MW. The expansion reinforces the company’s commitment to accelerating Spain’s energy transition through the development of reliable, utility-scale renewable infrastructure.
The newly connected projects completed all technical and regulatory requirements needed for integration into the Spanish electricity grid. Both assets are expected to supply clean and reliable renewable power while supporting emissions reduction targets and strengthening national energy security.
The projects reached financial close in early 2025 and are backed by a long-term Power Purchase Agreement (PPA) with Merck, one of the world’s leading multinational corporations.
Laurent Villiers, Associate Director and Sourcing Lead Energies at Merck, highlighted the strength of the collaboration between the two companies:
“Our collaboration with Matrix is built on a foundation of reliability, professionalism, and continuous support. The transparency, responsiveness, and shared commitment demonstrated throughout every phase of the partnership have been instrumental in delivering meaningful and sustainable outcomes together.”
Commenting on the achievement, Sergio Arbeláez, Managing Director and Head of Europe & LatAm at Matrix Renewables, said the latest grid connections represent another major step in the company’s growth trajectory.
“The grid connection of Cruz de los Caminos and Piedra de la Sal marks another important achievement for the company just over five years after its founding. This milestone further consolidates our activities in Spain, a benchmark country in the renewable energy sector, and reflects our long-term commitment to this market.”
Spain continues to be one of Europe’s most active renewable energy markets, driven by strong solar and wind resources, supportive regulation, and growing demand for clean power solutions.
Alongside its solar expansion strategy, Matrix Renewables is actively developing hybrid renewable energy projects that integrate battery energy storage systems (BESS) and wind technology to optimise asset performance and improve grid flexibility.
The company is also progressing several stand-alone battery storage projects aimed at supporting the evolving needs of power systems and energy markets. Through this diversified approach, Matrix Renewables aims to enhance portfolio resilience, improve operational efficiency, and contribute to a more flexible and secure renewable energy ecosystem in Spain.
With the addition of Cruz de los Caminos and Piedra de la Sal, Matrix Renewables continues to scale its clean energy footprint while supporting Europe’s broader decarbonisation and sustainability goals.
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