Doral Renewables Secures Additional $100 Million Letter of Credit Facility

Rhea-AI Summary

Doral Renewables LLC has secured a $100 million corporate Letter of Credit facility through HSBC, who acted as Sole Arranger and Issuing Bank. This new facility adds to Doral's existing $185 million of corporate Letter of Credit capacity, bringing the total to $285 million. The Letters of Credit will primarily support new interconnection and power purchase agreement obligations for the company's renewable energy project development.

The transaction strengthens the partnership between Doral and HSBC, with both companies expressing confidence in Doral's execution capabilities in delivering large-scale renewable energy projects in the U.S. market.

Positive

• Secured additional $100 million Letter of Credit facility, increasing total capacity to $285 million
• Enhanced financial flexibility for project development and power purchase agreements
• Strengthened relationship with major financial institution (HSBC)
• Demonstrates continued access to credit markets and financial support

Negative

• None.

PHILADELPHIA, May 1, 2025 /PRNewswire/ -- Doral Renewables LLC ("Doral") has successfully closed a $100 million corporate Letter of Credit facility. The Letters of Credit are expected to primarily be used for new interconnection and power purchase agreement obligations incurred during development of the Company's projects. This new facility is additive to the $185 million of existing corporate Letter of Credit capacity which Doral maintains. HSBC acted as Sole Arranger and Issuing Bank for this new facility.

"We are pleased to deepen our relationship with Doral through this financing, and support Doral's dedication to delivering large-scale renewable energy projects in the U.S." said Kelly Chan Considine, Director, Global Network Banking US at HSBC. "This transaction with Doral builds on the strong foundation we've established together. It reflects our confidence in their execution capabilities and the importance of supporting high-quality sponsors in the renewable energy space as the market continues to evolve" said James Gallagher, Head of Global Network Banking US at HSBC. "We look forward to further enhancing our relationship with Doral and excited to support their continued growth in 2025 and beyond."

"Doral is proud to have extended our relationship with HSBC by raising this new corporate Letter of Credit capacity which will enable us to continue efficient development of our project portfolio," said Evan Speece, Chief Financial Officer at Doral Renewables LLC. "In today's renewable energy development climate, this type of credit support capacity is paramount to success and we appreciate HSBC's support in bolstering our strength in this area."

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 of over 16 GW, which includes 400 MW currently in operation and 950 MW under construction. Doral Renewables operates in 20 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 HSBC

HSBC USA Inc. is a Maryland corporation and its principal business is to act as a holding company for its subsidiaries including HSBC Bank USA, N.A. Through HSBC Bank USA, N.A. and its subsidiaries, HUSI offers a full range of traditional banking products and services to individuals, including high net worth individuals, small businesses, corporations, institutions and governments. HSBC USA Inc. is a wholly-owned subsidiary of HSBC North America Holdings Inc.

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 58 countries and territories. With assets of US$3,017bn at 31 December 2024, HSBC is one of the world's largest banking and financial services organizations.

Contacts
Media Inquiries: Ran Rabi, ranrabi@doral-llc.com
Financing Inquiries: Evan Speece, espeece@doral-llc.com

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SOURCE Doral Renewables LLC

FAQ

What is the size of Doral Renewables' new Letter of Credit facility?

Doral Renewables secured a $100 million corporate Letter of Credit facility through HSBC.

What is the total Letter of Credit capacity for Doral Renewables after this new facility?

After securing the new $100 million facility, Doral's total Letter of Credit capacity reached $285 million, including their existing $185 million capacity.

How will Doral Renewables use the new Letter of Credit facility?

The Letters of Credit will primarily be used for new interconnection and power purchase agreement obligations incurred during the development of the company's renewable energy projects.

Who is the arranger and issuing bank for Doral Renewables' new credit facility?

HSBC acted as the Sole Arranger and Issuing Bank for this new $100 million Letter of Credit facility.