TPG’s global impact investing fund has bought 1GW of solar projects from Trina Solar for its newly launched renewable energy platform.

TPG’s  $5bn (€4.5bn) impact investing platform The Rise Fund has paid an undisclosed sum to buy the solar projects across Spain, Chile, Colombia, and Mexico for the Matrix Renewables, the newly created Madrid-headquartered platform.

Ed Beckley, a partner at TPG, said: “With the establishment of Matrix Renewables and the leadership of a seasoned management team, we are actively looking for additional strategic opportunities to grow our global portfolio and build out the platform.”

Steve Ellis, co-managing partner of The Rise Fund, said: “The global solar PV market continues to grow rapidly as it benefits from a number of secular tailwinds including the accelerating shift to decarbonisation.

“Solar PV development is one of the many ways The Rise Fund is tackling climate change and addressing the climate, energy, and responsible consumption-focused United Nations sustainable development goals.” 

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