Matrix Renewables signs renewable power purchase agreement (PPA) with Hyundai Motor Group for solar photovoltaic project in Texas

Matrix Renewables, the global renewable energy platform backed by TPG, has announced the signing of a renewable power purchase agreement (“PPA”) with affiliates of Hyundai Motor Group for 147 MWac of its Stillhouse Solar project, with 284 total MW of solar photovoltaic energy, which is located in Bell County, Texas (USA). The Stillhouse Solar project is expected to begin commercial operation in the second part of 2025.

“We are delighted to have finalized this agreement with Hyundai Motor Group, contributing to the achievement of their ambitious sustainability goals in the United States,” said Cindy Tindell, Managing Director US of Matrix Renewables. “Stillhouse Solar will provide clean energy, provide grid resiliency, and avoid 200,000 metric tons of CO2 equivalent annually. These environmental attributes add to the economic benefit for the Bell County region of Texas. We greatly value the communities in which we develop, “We build and operate our projects and are committed to ensuring they benefit those communities. We are grateful to Hyundai Motor Group for their commitment to our Stillhouse Solar project and look forward to a long-lasting relationship.”

“Hyundai Motor Group is excited to be part of the Stillhouse Solar project and looks forward to making a sustainable contribution through this project to our manufacturing facilities in the U.S.,” said Sung Hwan Bae, vice president and head of the business planning team. Hyundai Motor Group corporate. “As a provider of smart and sustainable mobility solutions, we will continue our environmental efforts and expand renewable energy solutions at our facilities around the world.”

In the US, Matrix has more than 6.7 GW of projects in operation and in various stages of development in four different regions (CAISO, MISO, ERCOT and WECC) and continues to expand its portfolio and team to capitalize on strong demand of renewable energy in the U.S. Globally, Matrix’s portfolio already exceeds 14 GW of solar energy, in addition to battery storage and green hydrogen projects.

The Matrix was represented by Sidley. Hyundai Motor Group was advised by 3Degrees and represented by K&L Gates.

“3Degrees is proud to have played a supporting role to Hyundai Motor Group in the execution of this PPA. The collaboration between Hyundai Motor Group and Matrix Renewables to launch this new renewable energy project is exactly the type of urgent and necessary action to meet the demands of a rapidly warming climate to achieve global emissions reduction goals,” said Steve McDougal, CEO of 3Degrees.

Matrix Renewables is a renewable energy platform created and supported by global alternative asset manager TPG and its $19 billion impact investment platform TPG RIse. Matrix Renewables’ current portfolio consists of 14 GW of renewable energy storage and green hydrogen projects in Europe, North America and Latin America.