Matrix Renewables, the TPG Rise-backed global renewable energy platform, announced that it has signed a renewable energy power purchase agreement with affiliates of the Hyundai Motor Group for 147 MWac from its Stillhouse Solar project, a 284 MWdc / 210 MWac total solar PV project located, 69 miles north of Austin, in Bell County, Texas.
The Stillhouse Solar project is expected to begin commercial operations in the second part of 2025.
"We are thrilled to have finalized this agreement with Hyundai Motor Group, contributing to the achievement of its ambitious sustainability objectives in the United States," said Cindy Tindell, Managing Director and Head of U.S. for Matrix Renewables. "Stillhouse Solar will provide clean power, deliver grid resiliency and avoid 200,000 metric tons of CO2 equivalent annually. These environmental attributes are in addition to the economic benefit for the Bell County region in Texas. We greatly value the communities in which we develop, construct and operate our projects and are committed to ensuring our projects benefit those communities. We thank Hyundai Motor Group for its commitment to our Stillhouse Solar project and look forward to an enduring relationship."
"Hyundai Motor Group is excited to be a part of the Stillhouse Solar project and looks forward to making a sustainable contribution through this project to our manufacturing plants in the U.S.," said Sung Hwan Bae, Vice President and Head of Corporate Business Planning Team at Hyundai Motor Group. "As a smart and sustainable mobility solutions provider, we will further pursue environmental efforts and expand renewable energy solutions into our worldwide facilities."
In the U.S., Matrix owns over 6.7 GW of projects in operation and in various stages of development across four different regions (CAISO, MISO, ERCOT and WECC) and continues to expand its pipeline and team to capitalize on the large demand for renewable energy in the U.S. Globally, Matrix's portfolio already exceeds 14 GW of solar power, battery storage and green hydrogen projects.
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 executing this PPA. The collaboration between Hyundai Motor Group and Matrix Renewables in bringing this new renewable energy project online is exactly the type of urgent action required to meet the demands of a rapidly warming climate and achieve global emission reduction targets," said Steve McDougal, CEO of 3Degrees.
