Doral Renewables Secures Tax Equity Financing for Great Bend Solar Project

Rhea-AI Summary

Doral Renewables has secured up to $30 million in tax equity financing from Fifth Third Bank for its Great Bend solar project in Meigs County, Ohio. The ground-mounted facility will feature:

• 48 MWac solar power generating capacity
• Power supply for approximately 9,000 homes
• Revenue generation through energy sales and renewable certificates
• Long-term Power Purchase Agreement with a major U.S. utility
• $400,000+ annual tax revenue for Meigs County

Located 100 miles southeast of Columbus, the project will utilize single-axis PV system technology. Both Doral and Fifth Third will receive proceeds from a planned tax credit transfer transaction later this year. The project is expected to achieve commercial operations in Q4 2025, marking the first partnership between Doral Renewables and Fifth Third Bank.

Positive

• Secured $30M tax equity financing from Fifth Third Bank for Great Bend solar project
• Additional proceeds expected from tax credit transfer transaction
• Long-term Power Purchase Agreement (PPA) with major utility ensures stable revenue stream
• Project will generate $400,000+ annual tax revenue
• 48 MWac power generation capacity serving 9,000 homes
• Project completion expected in Q4 2025

Negative

• None.

Insights

Renewable Energy Finance Analyst

Fifth Third Bank's $30M tax equity investment enables Doral's 48MW solar project, securing critical financing for Q4 2025 commercial operation.

The successful closing of tax equity financing for Doral Renewables' Great Bend solar project represents a significant milestone in the project's development. With Fifth Third Bank committing up to $30 million in tax equity investment, Doral has secured a crucial component of the project's capital structure. The financing package includes both traditional tax equity investment and an innovative tax credit transfer transaction to be completed later this year, effectively leveraging the transferability provisions introduced in recent clean energy legislation.

The project's revenue model is built on two stable streams: energy sales and renewable energy certificates through a long-term Power Purchase Agreement with a major utility. This dual-revenue approach provides the financial predictability that typically attracts tax equity investors. The $400,000 annual tax revenue contribution to Meigs County demonstrates the substantial local economic benefits beyond the environmental impact.

This transaction marks the first partnership between Doral Renewables and Fifth Third Bank, with both parties expressing interest in potential future collaborations, as evidenced by statements from Fifth Third's Jon Stark about supporting Doral's "high-quality U.S. renewables pipeline" and Doral's CFO Evan Speece describing the deal as a "foundation for future growth" in their relationship.

Clean Energy Infrastructure Specialist

Financed 48MWac Great Bend solar project will deploy single-axis tracking technology to power 9,000 homes with long-term utility contract secured.

The Great Bend solar project represents a solid mid-scale utility solar development with 48 MWac of generating capacity. The use of ground-mounted single-axis PV tracking technology is particularly noteworthy, as this design enables the panels to follow the sun's path throughout the day, optimizing energy capture compared to fixed-tilt systems. This technical configuration typically delivers 15-25% greater energy yields than fixed systems, depending on the specific location.

The project's capacity to power approximately 9,000 homes will contribute meaningfully to Ohio's renewable energy portfolio. Located in Meigs County, the project expands clean energy infrastructure in a region traditionally less saturated with solar developments compared to other parts of the country.

The secured long-term Power Purchase Agreement with one of the largest investor-owned utilities provides critical offtake certainty, which was likely instrumental in attracting Fifth Third Bank's tax equity commitment. With financing now secured and the Q4 2025 commercial operation date established, the project has cleared a major development hurdle. The timeline allows for appropriate equipment procurement, construction scheduling, and grid interconnection processes typical for projects of this scale.

PHILADELPHIA, April 29, 2025 /PRNewswire/ -- Doral Renewables LLC ("Doral Renewables") has successfully closed tax equity financing for its Great Bend solar project. Fifth Third Bank committed to invest up to $30 million of tax equity into the project. Doral Renewables and Fifth Third will also both receive proceeds from a tax credit transfer transaction to be completed later this year.

The Great Bend project is located in Meigs County, Ohio, approximately 100 miles southeast of Columbus, and near the southwestern border between Ohio and West Virginia. The project will be a ground-mounted single-axis PV system and once completed it will have 48 MWac of solar power generating capacity. Doral expects that the facility will power approximately 9,000 homes once in operation. The project will generate revenue both from energy and renewable energy certificates via a long-term Power Purchase Agreement (PPA) with one of the largest investor-owned utilities in the U.S. Furthermore, the Great Bend project will provide a major economic uplift for the Meigs County, with over $400,000 per year of new annual tax revenue. Doral Renewables expects that the Great Bend project will reach commercial operations during the fourth quarter of 2025.

"We are proud to support Doral as lead on the tax equity financing for Great Bend," said Jon Stark, corporate banking managing director and group head of renewables at Fifth Third. "Supporting premier platforms like Doral squarely fits our future growth, and we look forward to growing with Doral as they continue to execute on their high-quality U.S. renewables pipeline."

"We are excited to partner with Fifth Third for the first time via this tax equity commitment to our Great Bend Solar project," said Evan Speece, Chief Financial Officer at Doral Renewables. "As we continue to bring a significant number of projects at scale to construction and operations, partnerships such as these are indelible to our success. We look forward accordingly to making this transaction a foundation for future growth in our relationship with Fifth Third."

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.

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

How much tax equity financing did Fifth Third Bank commit to Doral Renewables' Great Bend solar project?

Fifth Third Bank committed to invest up to $30 million in tax equity financing for Doral Renewables' Great Bend solar project in Ohio.

What is the power generation capacity of the Great Bend solar project in Ohio?

The Great Bend solar project will have 48 MWac of solar power generating capacity and is expected to power approximately 9,000 homes once operational.

When will Doral Renewables' Great Bend solar project begin commercial operations?

Doral Renewables expects the Great Bend project to reach commercial operations during the fourth quarter of 2025.

What economic benefits will the Great Bend solar project bring to Meigs County?

The Great Bend project will provide over $400,000 per year in new annual tax revenue to Meigs County, Ohio.

How will Doral Renewables generate revenue from the Great Bend solar project?

The project will generate revenue through energy sales and renewable energy certificates via a long-term Power Purchase Agreement (PPA) with one of the largest investor-owned utilities in the U.S.