The Rise Fund, a global impact investing fund managed by alternative asset firm TPG, has acquired approximately 1 gigawatt (GW) of solar PV projects from China-based Trina Solar.

The solar PV projects included in the transaction are currently operational, under construction or in late stage development nearing ready-to-build status across Spain, Chile, Colombia, and Mexico, and will serve as the first solar PV projects within the portfolio of newly created, Madrid-based Matrix Renewables. Terms of the transaction were not disclosed.

TPG and The Rise Fund are assembling a management team for Matrix Renewables and will leverage the firm’s investing and business building experience, global network, and deep cross-platform infrastructure and renewable energy expertise to develop and acquire additional solar PV projects globally.

“We are excited to launch Matrix Renewables with such a geographically diverse set of high-quality solar PV projects. Trina is one of the leading manufacturers of solar PVs, with a history of developing world-class solar PV projects in key markets. 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.”

Ed Beckley, a partner at TPG who leads the firm’s infrastructure investing efforts.

“The global solar PV market continues to grow rapidly as it benefits from a number of secular tailwinds including the accelerating shift to decarbonization. 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. We look forward to growing the Matrix Renewables portfolio to accelerate positive environmental impact well-beyond this initial 1GW of clean energy generation.”

Steve Ellis, co-managing partner of The Rise Fund.