Doral Renewables Secures $1.5 Billion of Debt and Tax Equity Financing for the Completion of Mammoth Solar

Rhea-AI Summary

Doral Renewables has secured $1.5 billion in financing for three phases of its Mammoth Solar facility in Pulaski County, Indiana. The financing includes $1.3 billion in construction debt financing and $200 million in tax equity commitment from Truist Bank. The project consists of three 300 MWac installations (Mammoth South, Central I, and Central II), which are part of a larger 1.3 GW facility. The projects will utilize 20,000 tons of Indiana steel and over 1 million US-made solar modules, capable of powering approximately 275,000 households annually. Notable features include agrivoltaics implementation, allowing for dual-use farming activities. The projects, backed by long-term Power Purchase Agreements with leading utilities, are expected to commence operations in Q4 2026.

Positive

• Secured substantial $1.5 billion financing package for project completion
• Large-scale project with 900 MWac total capacity across three installations
• Long-term Power Purchase Agreements in place with leading utilities
• Implementation of innovative agrivoltaics program for dual land use
• Significant economic impact through use of local materials (20,000 tons of Indiana steel)
• Project will power approximately 275,000 households

Negative

• Extended timeline to commercial operations (Q4 2026)
• Significant debt burden with $1.3 billion in construction financing

Insights

Renewable Energy Finance Expert

Doral's $1.5B financing package for Mammoth Solar demonstrates strong institutional backing and signals confidence in large-scale renewable infrastructure development.

Doral Renewables has secured a massive $1.5 billion financing package for its Mammoth Solar project in Indiana, demonstrating significant institutional confidence in utility-scale solar development. The deal's structure is particularly noteworthy - combining $412 million in construction-to-term loans, $614 million in tax equity bridge loans, and a $259 million letter of credit facility, plus an additional $200+ million in tax equity commitment from Truist Bank.

The involvement of major financial institutions like KeyBanc, Santander, HSBC, and Truist as repeat partners indicates the project's solid financial fundamentals and Doral's established credibility in developing bankable renewable assets. This transaction represents sophisticated financial engineering that leverages available tax incentives through the tax equity structure, which remains crucial for renewable project economics.

The scale is impressive - three 300 MWac projects contributing to a larger 1.3 GW facility. Projects of this magnitude typically require utility offtakers with strong credit ratings, confirmed by the mention of "long-term Power Purchase Agreements with leading utilities," which substantially de-risks the investment. The timeline targeting commercial operations by Q4 2026 is ambitious but achievable for projects with this financing structure.

The inclusion of agrivoltaics represents an emerging trend in solar development that addresses dual land use concerns and potentially improves community acceptance. Using 20,000 tons of Indiana steel and over 1 million US-made solar modules aligns with domestic content requirements that may unlock additional financial incentives under recent clean energy legislation.

This transaction exemplifies how sophisticated renewable developers are successfully assembling complex capital stacks to fund major infrastructure projects, indicating continued institutional appetite for renewable energy assets despite rising interest rates and economic uncertainties.

PHILADELPHIA, May 15, 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 4^th 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.

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SOURCE Doral Renewables LLC

FAQ

What is the total financing secured for Doral Renewables' Mammoth Solar project?

Doral Renewables secured $1.5 billion in total financing, including $1.3 billion in construction debt financing and $200 million in tax equity commitment from Truist Bank.

What is the power generation capacity of the Mammoth Solar facility?

The three projects (Mammoth South, Central I, and Central II) each have 300 MWac capacity, totaling 900 MWac, and are part of a broader 1.3 GW Mammoth Solar facility.

When will the Mammoth Solar project become operational?

The three projects are expected to reach commercial operations in the fourth quarter of 2026.

How many households will the Mammoth Solar facility power?

The Mammoth Solar facility will generate enough energy to power approximately 275,000 households annually.

What is unique about the Mammoth Solar project's land use approach?

The project implements agrivoltaics, allowing dual-use of the land for both solar power generation and agricultural activities such as livestock grazing and food production.