Doral Renewables, a utility-scale renewable energy project developer, 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.
All three projects have a generation capacity of 300 MWac each and form part of the larger 1.3 GW Mammoth Solar project.
The projects are ground-mounted single-axis PV systems, currently under construction, and expected to begin commercial operation in Q4 2026. Each of the projects maintains long-term Power Purchase Agreements with leading utilities.
KeyBanc Capital Markets, Banco Santander, S.A., and HSBC Bank USA acted as coordinated lead arrangers for the $1.3 billion in construction debt financing for the projects.
The financing package included $412 million in construction-to-term loan facilities, $614 million in tax equity bridge loans, and a $259 million letter of credit facility. The transaction closed concurrently with Doral securing a tax equity commitment exceeding $200 million from Truist Bank for the Mammoth South project.
“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.”
According to Doral Renewables, its solar and storage development portfolio comprises nearly 18 GW, including 400 MW currently in operation and 950 MW under construction.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding increased by 27% in Q1 2025 compared to Q1 2024.
Earlier this week, Ignitis Renewables, a green energy company, secured a €77.5 million (~$87.24 million) loan from Swedbank Lithuania and Swedbank Latvia to develop and construct 239 MW solar projects in Latvia.
