PHILADELPHIA, May 19, 2025
/PRNewswire/ -- Doral Renewables LLC ("Doral") has
successfully closed construction project financing for the Mammoth
South, Mammoth Central I, and Mammoth Central II solar
projects in Pulaski County,
Indiana. The three projects, each with a generation capacity
of 300 MWac, are part of the broader 1.3 GW Mammoth Solar facility.
Mammoth Solar will generate enough energy to power approximately
275,000 households annually.
The Mammoth South, Central I, and Central II projects will all
be ground-mounted single-axis PV systems utilizing approximately
20,000 tons of Indiana steel in
aggregate and boosting Indiana's
economy with tens of millions of dollars in economic value impacts.
The projects will also utilize over 1 million US-made solar
modules. Upon the completion of the three projects, Doral
Renewables plans to expand its large-scale dual-use practices,
known as agrivoltaics, inside the projects' area, allowing farmers
to return to heritage farming activities such as livestock grazing
and food production. Each of the three projects maintains long-term
Power Purchase Agreements with leading utilities and is expected to
reach commercial operations in the 4th quarter of 2026.
Doral's existing and planned agrivoltaics efforts for Mammoth Solar
were recognized as the "Dual-Use Plan of the Year" at last year's
North American Agrivoltaics Awards.
KeyBanc Capital Markets, Inc., Banco Santander, S.A., and HSBC
Bank USA, N.A acted as Coordinated
Lead Arrangers for the $1.3 billion
construction debt financing for the projects, which consisted of
$412 million of construction-to-term
loan facilities, $614 million of tax
equity bridge loans, and a $259
million letter of credit facility. The closing was completed
simultaneously with Doral's signing of an over $200 million tax equity commitment for the
Mammoth South project from Truist Bank.
"We are thrilled to close these landmark financings in support
of the construction of the remaining three phases of our Mammoth
Solar project," said Evan
Speece, Chief Financial Officer of Doral Renewables LLC.
"Each of the three banks leading the debt financing is a repeat
partner for Doral and we could not be happier to broaden our
relationships with them. Notably, we are also proud to be extending
our long-standing relationship with Truist by executing our first
tax equity transaction together."
"We are proud to serve as coordinating lead arranger for Doral
Renewables as they build out the remaining phases of the Mammoth
Solar Complex," said Nadav
Hazan, Vice President, KeyBanc Capital Markets,
Utilities, Power & Renewable Energy Group. "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."
"We are proud to have supported Doral throughout the financing
of these milestone projects, from development through to
construction. We value our strong relationship and congratulate
Doral and their partners on this important achievement," said
Nuno Andrade, Head of
Structured Finance & Advisory US, Santander Corporate &
Investment Banking.
"We are extremely proud to support Doral in the close of the
construction financing for their Mammoth Solar project," said
Paul Snow, Head of
Renewables, Americas at HSBC. "Building on our role in the initial
bridge construction financing, this milestone reflects our ongoing
commitment to Doral's vision for large-scale renewable energy in
the United States. As we deepen
our partnership with Doral, we remain focused on financing leading
renewable energy projects."
"Truist is excited to close on this meaningful and important tax
equity commitment with Doral for their impressive Mammoth South
utility solar project," said Chris
Nygren, Head of Tax Equity for Truist Bank. "Broadening
our relationship with Doral through this transaction is a win for
both parties, and we look forward to partnering with them again in
the future to help deliver renewable energy to local
communities."
Marathon Capital Markets served as the tax equity advisor and
McDermott Will & Emery was legal
counsel to Doral with respect to both the construction debt and the
tax equity. CCA Group served as the tax equity advisor and Milbank
LLP provided tax equity legal counsel to Truist. Norton Rose Fulbright provided legal counsel to
the lenders.
About Doral Renewables LLC
Doral Renewables is a Philadelphia-based developer, owner, and
operator of renewable energy assets throughout the United States. Our solar and storage
development portfolio comprises nearly 18 GW, which includes 400 MW
currently in operation and 950 MW under construction. Doral
Renewables operates in 22 states and across seven electricity
markets. With a strong focus on community engagement, we aim to
integrate agrivoltaics practices throughout our pipeline, creating
additional opportunities for farming communities. We have secured
over $2.5 billion in long-term
wholesale power purchase agreements with U.S. customers. Our global
management and leadership team includes the Doral Group (TASE:
DORL), Migdal Group (TASE: MGDL), Clean Air Generation, APG, and
Apollo Global Management (NYSE: APO). Learn more at doral-llc.com
and follow us on LinkedIn and Facebook.
About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment
bank providing capital markets and advisory solutions to dynamic
companies capitalizing on opportunities in changing industries. Our
deep industry expertise, broad capabilities and unique ideas are
seamlessly delivered to companies across the Consumer & Retail,
Diversified Industries, Healthcare, Industrial, Oil & Gas, Real
Estate, Utilities, Power & Renewables, and Technology
verticals. With more than 800 professionals across a national
platform, KeyBanc Capital Markets has raised more than $125 billion of capital for their clients and has
an award-winning equity research team that provides coverage on
over 500 publicly traded companies.
KeyBanc Capital Markets is a trade name under which the
corporate and investment banking products and services of KeyCorp®
and its subsidiaries, KeyBanc Capital Markets Inc., Member
FINRA/SIPC ("KBCM"), and KeyBank National Association ("KeyBank
N.A."), are marketed. Securities products and services are offered
by KeyBanc Capital Markets Inc. and its licensed securities
representatives. Banking products and services are offered by
KeyBank N.A. Securities products and services: Not FDIC Insured •
No Bank Guarantee • May Lose Value
About HSBC
HSBC Bank USA, National
Association (HSBC Bank USA,
N.A.) serves customers through International Wealth and Premier
Banking (IWPB) and Corporate and Institutional Banking (CIB).
Deposit products are offered by HSBC Bank USA, N.A., Member FDIC.
About Santander
Santander Corporate & Investment Banking (Santander
CIB) is Santander's global division that supports
corporate and institutional clients, offering tailored services and
value-added wholesale products suited to their complexity and
sophistication, as well as to responsible banking standards
that contribute to the progress of society.
About Truist
Truist Financial Corporation is a purpose-driven financial
services company committed to inspiring and building better lives
and communities. As a leading U.S. commercial bank, Truist has
leading market share in many of the high-growth markets across the
country. Truist offers a wide range of products and services
through our wholesale and consumer businesses, including consumer
and small business banking, commercial and corporate banking,
investment banking and capital markets, wealth management,
payments, and specialized lending businesses. Headquartered in
Charlotte, North Carolina, Truist
is a top-10 commercial bank with total assets of $531 billion as of Dec.
31, 2024. Truist Bank, Member FDIC. Learn more at
Truist.com.
Contacts
Media Inquiries: Ran Rabi,
ranrabi@doral-llc.com
Financing Inquiries: Evan Speece,
espeece@doral-llc.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/doral-renewables-secures-1-5-billion-of-debt-and-tax-equity-financing-for-the-completion-of-mammoth-solar-302458555.html
SOURCE Doral Renewables LLC
