Doral Renewables, a utility-scale renewable energy project developer, has closed nearly $900 million in financing for its Cold Creek solar-plus-storage project in Schleicher and Tom Green Counties, Texas.
The hybrid project includes 430 MWac of solar generation capacity and 340 MWh of battery energy storage systems (BESS). Following the notice to proceed issued in March this year, full construction of the project has begun. Commercial operation is expected in the summer of 2028.
MUFG served as the lead arranger for the transaction, with Santander, HSBC, Ally, and IDB rounding out the syndicate of debt providers. The debt facilities comprise more than $400 million in construction-to-term financing, approximately $35 million in tax equity bridge loan financing, and around $55 million in letters of credit. The project will also monetize $360 million of production tax credits through a 10-year PTC tax credit transfer agreement with an investment-grade-rated corporate buyer.
“We are delighted to announce the close of these financings for Cold Creek,” said Evan Speece, chief financial officer of Doral Renewables LLC. “Partnering with such a strong lender group led by MUFG and expanding our network with new collaborators while also closing the PTC Transfer transaction positions us well for continued growth. This project will be a cornerstone for our future work across Texas.”
McDermott Will & Schulte acted as legal counsel to Doral for both the construction financing and the PTC transfer, while Norton Rose Fulbright served as legal counsel to the lenders.
In March 2026, the company secured approximately $525 million in letter-of-credit facilities. The facility enables the company to issue sponsor equity letters of credit to project financing and related beneficiaries while supporting liquidity management and potentially improving project-level equity returns.
In 2025, Doral Renewables secured $1.5 billion in construction financing for the Mammoth South, Mammoth Central I, and Mammoth Central II solar projects in Indiana.
According to Mercom’s Annual and Q4 2025 Solar Funding and M&A report, large-scale project funding increased 37% in 2025 compared to 2024.
