PHILADELPHIA, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Doral Renewables LLC ("Doral Renewables") announced the successful close of a project debt financing package to support initial construction of the remaining phases of its Mammoth Solar complex located in Northern Indiana. KeyBanc Capital Markets acted as Coordinating Lead Arranger and Administrative Agent, and HSBC and Santander Corporate & Investment Banking acted as Joint Lead Arrangers for the $285 million financing, which consists of a $200 million construction loan facility and $85 million of additional support via letters of credit. Simultaneously with this financing, the projects entered into Engineering, Procurement and Construction (EPC) Agreements with Bechtel, an American construction company that is one of the largest in the world.
The remaining phases of Mammoth include three 300 MW (900 MW overall) ground-mounted single-axis photovoltaic (PV) systems – Mammoth South, Mammoth Central I, and Mammoth Central II – located in Pulaski County, Indiana. This announcement follows the completion of construction on the first phase of the Mammoth complex, the 400 MW Mammoth North project located in Starke County, Indiana, which occurred in July. Each of the Mammoth Solar project sections have secured Power Purchase Agreements (PPA) with leading investor-owned utilities via which the project will generate long-term energy and renewable energy certificate revenues.
Mammoth Solar is also at the center of Doral Renewables' agrivoltaics initiatives, which include integrating on-site livestock grazing and crop cultivation, allowing local farmers to continue their farming operations, maximizing land use, and generating additional value. In recognition of these efforts, the Mammoth Solar project was named the Dual Use Plan of the Year at the inaugural North American Agrivoltaics Awards in July. At the same time, the State of Indiana presented a proclamation declaring July 9th as Agrivoltaics Day forever in Indiana.
"We are proud to have delivered this crucial and novel structure in which this financing serves as a bridge to the eventual permanent construction financing," said Evan Speece, Chief Financial Officer at Doral Renewables. "And notably, we have done so with a fantastic team of lenders at KeyBank, Santander and HSBC who will continue to serve as important financial partners as we continue to execute on our mission."
"We are pleased to continue our ...
