Doral Renewables Achieves $1.5 Billion Financing for Major Solar Project Completion
In a landmark achievement for renewable energy, Doral Renewables LLC has successfully secured a staggering $1.5 billion in construction project financing for the Mammoth South, Mammoth Central I, and Mammoth Central II solar initiatives located within Pulaski County, Indiana. These monumental projects are designed to generate a combined capacity of 900 MWac and are integral components of the expansive 1.3 GW Mammoth Solar facility. Upon completion, this facility will provide sufficient energy to power approximately 275,000 homes every year.
The solar installations will employ ground-mounted, single-axis photovoltaic systems, using around 20,000 tons of steel sourced from Indiana. This approach offers not only a renewable energy solution but also contributes significantly to the local economy, providing an extensive boost with millions of dollars in economic value. Additionally, these projects will incorporate over one million solar modules manufactured in the United States, supporting domestic manufacturing.
A significant element of Doral's vision for the Mammoth Solar facility is its commitment to integrating agrivoltaics—an innovative strategy that combines agriculture and solar energy generation. By allowing agricultural activities such as livestock grazing and crop production to coexist with solar panels, Doral seeks to create sustainable farming practices that can enhance food production while generating clean energy. This dual-use plan was recently honored as the "Dual-Use Plan of the Year" at the North American Agrivoltaics Awards, highlighting its potential for positive environmental and social impacts.
The financing arrangement includes a $412 million construction-to-term loan, $614 million in tax equity bridge loans, and a $259 million letter of credit facility. Leading financial institutions such as KeyBanc Capital Markets, Banco Santander, and HSBC Bank USA played critical roles in arranging this significant financing package. The deal was further bolstered by Truist Bank's commitment of over $200 million in tax equity financing specifically for the Mammoth South project.
Evan Speece, CFO of Doral Renewables, expressed his enthusiasm regarding the financing, stating, "We are thrilled to close these landmark financings in support of the construction of the remaining three phases of our Mammoth Solar project." The collaboration with these financial partners, who have a history of working with Doral, solidifies the company's position as a trusted player in the renewable energy sector.
Nadav Hazan, Vice President at KeyBanc Capital Markets, emphasized the mutual trust established between the banks and Doral, stating, "Our longstanding relationship with Doral's management team has created a foundation of trust that enables transformative projects like this. We are excited to see this collaborative effort pay off, and we look forward to the impact Mammoth will have on Indiana's economy going forward."
This financing milestone not only signifies a crucial step towards the implementation of large-scale renewable energy projects but also showcases Doral Renewables' commitment to environmental responsibility and economic development. The company aims for all three solar projects to initiate commercial operations by the fourth quarter of 2026, marking a significant advancement in clean energy generation in the United States.
In addition to its immediate impact, Doral's operations extend beyond solar energy generation into various states across the country. With a robust portfolio that includes nearly 18 GW of renewable energy assets, Doral remains firmly focused on community engagement and sustainability practices. The company has an ongoing goal to merge renewable energy generation with agricultural activities, underlining its dedication to cultivating relationships with local farming communities.
As Doral Renewables continues to forge ahead with the Mammoth Solar projects and others in its pipeline, the strategic partnerships and innovative approaches employed demonstrate a clear path toward a sustainable future, reiterating the potential for renewable energy to drive not only ecological change but also economic growth across regions.
For more information about Doral Renewables and its projects, visit their official website at doral-llc.com.
The solar installations will employ ground-mounted, single-axis photovoltaic systems, using around 20,000 tons of steel sourced from Indiana. This approach offers not only a renewable energy solution but also contributes significantly to the local economy, providing an extensive boost with millions of dollars in economic value. Additionally, these projects will incorporate over one million solar modules manufactured in the United States, supporting domestic manufacturing.
A significant element of Doral's vision for the Mammoth Solar facility is its commitment to integrating agrivoltaics—an innovative strategy that combines agriculture and solar energy generation. By allowing agricultural activities such as livestock grazing and crop production to coexist with solar panels, Doral seeks to create sustainable farming practices that can enhance food production while generating clean energy. This dual-use plan was recently honored as the "Dual-Use Plan of the Year" at the North American Agrivoltaics Awards, highlighting its potential for positive environmental and social impacts.
The financing arrangement includes a $412 million construction-to-term loan, $614 million in tax equity bridge loans, and a $259 million letter of credit facility. Leading financial institutions such as KeyBanc Capital Markets, Banco Santander, and HSBC Bank USA played critical roles in arranging this significant financing package. The deal was further bolstered by Truist Bank's commitment of over $200 million in tax equity financing specifically for the Mammoth South project.
Evan Speece, CFO of Doral Renewables, expressed his enthusiasm regarding the financing, stating, "We are thrilled to close these landmark financings in support of the construction of the remaining three phases of our Mammoth Solar project." The collaboration with these financial partners, who have a history of working with Doral, solidifies the company's position as a trusted player in the renewable energy sector.
Nadav Hazan, Vice President at KeyBanc Capital Markets, emphasized the mutual trust established between the banks and Doral, stating, "Our longstanding relationship with Doral's management team has created a foundation of trust that enables transformative projects like this. We are excited to see this collaborative effort pay off, and we look forward to the impact Mammoth will have on Indiana's economy going forward."
This financing milestone not only signifies a crucial step towards the implementation of large-scale renewable energy projects but also showcases Doral Renewables' commitment to environmental responsibility and economic development. The company aims for all three solar projects to initiate commercial operations by the fourth quarter of 2026, marking a significant advancement in clean energy generation in the United States.
In addition to its immediate impact, Doral's operations extend beyond solar energy generation into various states across the country. With a robust portfolio that includes nearly 18 GW of renewable energy assets, Doral remains firmly focused on community engagement and sustainability practices. The company has an ongoing goal to merge renewable energy generation with agricultural activities, underlining its dedication to cultivating relationships with local farming communities.
As Doral Renewables continues to forge ahead with the Mammoth Solar projects and others in its pipeline, the strategic partnerships and innovative approaches employed demonstrate a clear path toward a sustainable future, reiterating the potential for renewable energy to drive not only ecological change but also economic growth across regions.
For more information about Doral Renewables and its projects, visit their official website at doral-llc.com.
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