Doral secures $1.5 billion for 900 MW AC solar capacity at Mammoth facility
Financing includes construction debt, tax equity bridge loans, and a letter of credit facility
Projects to use US-made steel, solar modules, and to integrate agrivoltaic practices
Philadelphia, US-based renewable energy developer and operator Doral Renewables has achieved financial close of $1.5 billion for 900 MW AC capacity that’s part of the 1.3 GW Mammoth Solar facility.
The financing includes $1.3 billion construction debt financing with KeyBanc Capital Markets, Banco Santander, and HSBC Bank USA acting as coordinated lead arrangers. This comprises $412 million of construction-to-term loan facilities, $614 million of tax equity bridge loans, and a $259 million letter of credit facility. Doral also signed over $200 million tax equity commitment 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 Doral Renewables’ CFO, Evan Speece. "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.”
Previously, in September 2024, Doral raised $285 million for the Mammoth project from KeyBanc Capital Markets, HSBC and Santander Corporate & Investment Banking (see US Renewable Energy Companies Raise Finance For Around 5 GW RE).
Its Mammoth Solar Facility is made up of 3x 300 MW AC Mammoth South, Mammoth Central I, and Mammoth Central II solar projects in Pulaski County, Indiana. All of these ground-mounted single-axis PV systems will use more than 1 million US-made solar modules and approximately 20,000 tons of Indiana steel.
All 3 projects are expected to start commercial operations in Q4 2026 and have already secured long-term power purchase agreements (PPA) with leading utilities, shared the company.
Doral also plans to implement agrivoltaic practices inside the project area that it says will enable heritage farming activities such as livestock grazing and food production.
The company’s solar and storage portfolio comprises nearly 18 GW volume, out of which 950 MW is under construction and 400 MW is in operation.