Doral Renewables Successfully Secures Tax Equity Financing for Its Solar Project in Great Bend

Doral Renewables Secures Financing for Great Bend Solar Project

Doral Renewables LLC, a leading developer in the renewable energy sector, has successfully completed tax equity financing for its ambitious Great Bend solar project. With a commitment of up to $30 million from Fifth Third Bank, this financing marks a significant step in advancing the project towards completion.
The Great Bend solar project is strategically located in Meigs County, Ohio, situated about 100 miles southeast of Columbus, and near the border between Ohio and West Virginia. The project, currently under construction, will utilize a ground-mounted single-axis photovoltaic (PV) system, which is expected to generate an impressive 48 MWac of solar power once operational. Upon completion, Doral expects the solar facility to supply power to approximately 9,000 homes.
Moreover, the Great Bend project is not only pivotal for its renewable energy output but is also projected to generate substantial revenue through a long-term Power Purchase Agreement (PPA) with one of the largest investor-owned utilities in the United States. This agreement signifies a stable and sustainable income source derived from both energy sales and renewable energy certificates. Additionally, the project promises to yield over $400,000 in new annual tax revenue, contributing significantly to the economic development of Meigs County.
Doral Renewables anticipates that the project will commence commercial operations by the fourth quarter of 2025. In expressing enthusiasm for the partnership, Jon Stark, corporate banking managing director at Fifth Third, stated, “We are proud to support Doral as lead on the tax equity financing for Great Bend. Supporting premier platforms like Doral perfectly aligns with our future growth strategy, and we are eager to grow with them as they continue to execute their quality U.S. renewables pipeline.”
Evan Speece, CFO of Doral Renewables, echoed this sentiment, highlighting the importance of such partnerships in driving the company’s growth and success in bringing large-scale projects to fruition. He remarked, “We are thrilled to partner with Fifth Third for the first time via this tax equity commitment to our Great Bend Solar project. As we ramp up the number of projects we're developing, collaborations such as these are vital to our achievements ahead.”
Doral Renewables, based in Philadelphia, operates an extensive renewable energy portfolio across the United States, encompassing over 16 gigawatts of solar and storage developments. Their current operations include 400 megawatts already in use, with 950 megawatts in various stages of construction. With a strong focus on community engagement and agrivoltaic practices, Doral aims to foster cooperatives among farming communities while securing over $2.5 billion in long-term wholesale energy agreements with U.S. entities.
The company’s leadership encompasses esteemed partners such as the Doral Group and Apollo Global Management, underpinning its robust operational ethos. For more information about Doral Renewables and its growing array of projects, visit their website at doral-llc.com or connect with them on LinkedIn and Facebook.