#United States #Texas #Doral Renewables #Solar Storage #Cold Creek Solar

Doral Renewables Secures Financing for Cold Creek Project

Doral Renewables LLC, a prominent U.S. developer in the solar and battery storage sector, has successfully closed financial commitments nearing $900 million for its Cold Creek Solar + Storage initiative in Texas. This substantial financing marks a pivotal step for the company, enabling the commencement of construction on a project poised to generate 430 megawatts of solar power along with a 340 megawatt-hour storage capacity.

Situated across Schleicher and Tom Green Counties, the Cold Creek project is set to supply energy equivalent to the needs of nearly 66,000 homes. With construction officially underway and a Notice to Proceed issued this month, commercial operations are anticipated to kick off in the summer of 2028.

The financing arrangement, led by MUFG, involves a consortium of lenders including Santander, HSBC, Ally, and IDB. The package consists of over $400 million designated for construction-to-term financing, nearly $35 million in tax equity bridge loan financing, and around $55 million in Letters of Credit. Additionally, the project is set to leverage $360 million in Production Tax Credits through a 10-year agreement, further enhancing its financial viability.

Doral Renewables’ Chief Financial Officer, Evan Speece, expressed enthusiasm about the financing closure, stating, “We are delighted to announce the close of these financings for Cold Creek. Partnering with a robust lender group led by MUFG opens up new avenues for growth. This project will serve as a cornerstone for our activities across Texas.”

Louise Pesce, Head of North American Power, Project Finance at MUFG, emphasized the importance of such projects in promoting U.S. energy independence and meeting the escalating energy demand with sustainable solutions. She remarked, “Projects like Cold Creek play a crucial role in strengthening U.S. energy independence while helping meet growing power demands with reliable, utility-scale solutions.”

Legal counsel for Doral was provided by McDermott Will & Emery for both the construction financing and the PTC transfer, while Norton Rose Fulbright represented the lenders. Marathon Capital acted as a financial advisor for the PTC transfer. This collaborative effort illustrates the vast network and resources at Doral’s disposal, ensuring the successful realization of the Cold Creek project.

About Doral Renewables

Doral Renewables is headquartered in Philadelphia and specializes in the development, ownership, and operation of renewable energy assets across the United States. The company boasts a portfolio comprising nearly 18 gigawatts of solar and storage projects, including approximately 450 megawatts currently operational and around 1,500 megawatts under construction. Doral operates in 15 states and across five electricity markets, focusing on community engagement and the integration of agrivoltaic practices throughout its operations to provide additional benefits for farming communities. The company's global partnerships include various investment groups that support its renewable energy endeavors. For more information, visit doral-llc.com and keep up with their latest updates on LinkedIn and Facebook.