Doral Renewables LLC has efficiently secured building financing for 3 main photo voltaic tasks in Pulaski County, Indiana—Mammoth South, Mammoth Central I, and Mammoth Central II. Every of those tasks could have a capability of 300 megawatts (MWac), forming a good portion of the broader 1.3 gigawatt (GW) Mammoth Photo voltaic facility. As soon as totally operational, Mammoth Photo voltaic will produce sufficient clear vitality to energy roughly 275,000 households yearly. The three tasks will likely be constructed utilizing ground-mounted single-axis photovoltaic (PV) techniques and can incorporate round 20,000 tons of Indiana-sourced metal, contributing tens of thousands and thousands of {dollars} in financial affect for the state.
Moreover, they are going to use greater than 1 million photo voltaic modules manufactured in the USA. Doral Renewables additionally plans to include agrivoltaic practices—combining solar energy era with agricultural actions—as soon as building is full. This dual-use mannequin will enable native farmers to reintroduce conventional farming strategies akin to livestock grazing and crop manufacturing throughout the photo voltaic venture areas. Doral’s agrivoltaics initiative for the Mammoth Photo voltaic facility was acknowledged because the “Twin-Use Plan of the Yr” on the North American Agrivoltaics Awards.
Evan Speece, Chief Monetary Officer of Doral Renewables LLC, mentioned in a press release, “We’re thrilled to shut these landmark financings in help of the development of the remaining three phases of our Mammoth Photo voltaic venture. Every of the three banks main the debt financing is a repeat accomplice for Doral and we couldn’t be happier to broaden {our relationships} with them. Notably, we’re additionally proud to be extending our long-standing relationship with Truist by executing our first tax fairness transaction collectively.”
Nadav Hazan, Vice President, KeyBanc Capital Markets, Utilities, Energy & Renewable Vitality Group, talked about, “We’re proud to function coordinating lead arranger for Doral Renewables as they construct out the remaining phases of the Mammoth Photo voltaic Advanced. Our longstanding relationship with Doral’s administration staff has created a basis of belief that allows transformative tasks like this. We’re excited to see this collaborative effort repay, and we sit up for the affect Mammoth could have on Indiana’s economic system going ahead.”
“We’re proud to have supported Doral all through the financing of those milestone tasks, from improvement by means of to building. We worth our robust relationship and congratulate Doral and their companions on this vital achievement,” commented Nuno Andrade, Head of Structured Finance & Advisory US, Santander Company & Funding Banking.
Paul Snow, Head of Renewables, Americas at HSBC, additionally added, “We’re extraordinarily proud to help Doral within the completion of the development financing for his or her Mammoth Photo voltaic venture. Constructing on our position within the preliminary bridge building financing, this milestone displays our ongoing dedication to Doral’s imaginative and prescient for large-scale renewable vitality in the USA. As we deepen our partnership with Doral, we stay targeted on financing main renewable vitality tasks.”
Chris Nygren, Head of Tax Fairness for Truist Financial institution, said, “Truist is worked up to shut on this significant and vital tax fairness dedication with Doral for his or her spectacular Mammoth South utility photo voltaic venture. Broadening our relationship with Doral by means of this transaction is a win for each events, and we sit up for partnering with them once more sooner or later to assist ship renewable vitality to native communities.”
All three tasks are backed by long-term Energy Buy Agreements (PPAs) with main utility firms and are anticipated to start industrial operations within the fourth quarter of 2026. To finance the event, a $1.3 billion building debt bundle was secured. KeyBanc Capital Markets, Banco Santander, and HSBC Financial institution USA acted as Coordinated Lead Arrangers.
The financing contains $412 million in construction-to-term loans, $614 million in tax fairness bridge loans, and a $259 million letter of credit score facility. On the identical time, Doral signed a tax fairness dedication exceeding $200 million for the Mammoth South venture with Truist Financial institution. Marathon Capital Markets served because the tax fairness advisor, and McDermott Will & Emery acted as Doral’s authorized counsel. CCA Group and Milbank LLP represented Truist as tax fairness advisor and authorized counsel, respectively, whereas Norton Rose Fulbright served as authorized counsel to the lenders.
