Doral Renewables, a utility-scale renewable energy project developer, has secured approximately $525 million in letter of credit facilities.
Howden Capital Advisory and Placement served as the broker for these facilities, DLA Piper served as transaction counsel to the company, and Norton Rose Fulbright served as counsel to the participating underwriters. Banco Bilbao Vizcaya Argentaria is serving as the primary intermediary letter of credit issuer, and Global Loan Agency Services is serving as the process and security agent.
The first transaction is an approximately $385 million Deferred Equity Contribution Guarantee (DECG) facility, and the second arrangement is an approximately $140 million all-purpose guarantee (APGF) facility.
The DECG facility is expected to enable the company to issue sponsor equity letters of credit to project financing and related beneficiaries, while supporting efficient liquidity management and potentially improving project-level equity returns.
Meanwhile, the APGF, along with certain other existing facilities maintained by the Company, will support primarily interconnection and power purchase agreement Letter of Credit postings across the Company’s pipeline.
“We are excited to close these pioneering Letter of Credit financings in support of the further advance of our growing portfolio of projects across the United States,” said Evan Speece, Chief Financial Officer of Doral Renewables. “We are particularly grateful to forge new cross-border financing relationships with the broker for these facilities, Howden CAP, as well as the six different international underwriters that participated collectively across these two facilities.”
In May 2025, the company secured $1.5 billion in construction project financing for the Mammoth South, Mammoth Central I, and Mammoth Central II solar projects in Pulaski County, Indiana.
According to Mercom’s Annual and Q4 2025 Solar Funding and M&A report, announced debt financing came to $16.1 billion in 2025, 14% lower compared to $18.8 billion in 2024. Securitization deals totaled $3.4 billion across nine deals.
In December, Qair, an independent renewable energy producer, announced the closing of its inaugural syndicated loan totaling €240 million (~$282 million). The loan was concluded with a consortium of 10 leading international banks, with Natixis Corporate & Investment Banking (Natixis CIB) acting as sole coordinator and documentation agent.
