Matrix Renewables, backed by TPG Rise, has signed a 10-year VPPA with Merck. Starting 2025, Matrix will provide Merck with 102 MW of solar energy from three new Spanish solar plants. This supports Merck's goal of being climate-neutral by 2040 and sourcing 80% of electricity from renewables by 2030. Altenex Energy assisted Merck in the VPPA process.

VPPA = Virtual Power Purchase Agreement