#United States #Renewable Energy #Philadelphia #HSBC #Doral Renewables

Doral Renewables Gains a $100 Million Letter of Credit

Doral Renewables LLC, a Philadelphia-based renewable energy company, recently announced the closure of a major $100 million corporate Letter of Credit facility. This financing is pivotal for the firm's ambitious growth plans, primarily intended to support new interconnection and power purchase agreement obligations related to its ongoing projects.

The new facility provides an additional layer to Doral's existing corporate Letter of Credit capacity, which currently stands at $185 million. This significant financial backing not only exemplifies Doral's commitment to advancing its project portfolio but also underscores the trust placed in them by HSBC, the bank arranging and issuing the new credits.

Kelly Chan Considine, the Director of Global Network Banking US at HSBC, expressed satisfaction regarding the deepening of their partnership with Doral. She stated, "We are pleased to deepen our relationship with Doral through this financing, and support Doral's dedication to delivering large-scale renewable energy projects in the U.S." This relationship reflects the confidence HSBC holds in Doral's operational capabilities, especially as the market for renewable energy continues to evolve rapidly.

James Gallagher, Head of Global Network Banking US at HSBC, further emphasized the significance of this deal, noting, "This transaction with Doral builds on the strong foundation we've established together. It reflects our confidence in their execution capabilities and the importance of supporting high-quality sponsors in the renewable energy space."

Evan Speece, Chief Financial Officer at Doral Renewables, acknowledged the vital role that this financing would play in the company’s efforts to expand its project operations, stating, "In today's renewable energy development climate, this type of credit support capacity is paramount to success. We appreciate HSBC's support in bolstering our strength in this area."

About Doral Renewables LLC

Doral Renewables is a prominent developer, owner, and operator of renewable energy projects in the United States, with a notable development portfolio that totals over 16 gigawatts (GW). Currently, 400 megawatts (MW) of this capacity is operational, while another 950 MW is under construction. Doral has operations across 20 states and integrates agrivoltaic practices into its projects, promoting community engagement and support for farming communities.

The company has secured over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers, positioning itself as a leader in the renewable energy sector. Its management team includes leading industry names such as the Doral Group, Migdal Group, Clean Air Generation, APG, and Apollo Global Management.

For additional information on Doral's projects and initiatives, visit doral-llc.com and connect with them on LinkedIn and Facebook.

About HSBC

HSBC operates as one of the largest banking and financial services organizations globally, with a comprehensive range of banking products available to civilians, including high net worth individuals, small businesses, corporations, institutions, and governmental bodies. Utilizing a robust global presence through its operations in exactly 58 countries, HSBC continues to play a critical role in supporting companies like Doral Renewables as they navigate the intricate landscapes of funding and developing renewable energy solutions.