Doral Renewables, a utility-scale renewable energy project developer, closed tax equity funding for its Great Bend solar project. Fifth Third Bank committed to investing up to $30 million of tax equity into the project. Doral Renewables and Fifth Third are also set to receive proceeds from a tax credit transfer transaction that will be finalized later this year.
Located in Meigs County, Ohio, the 48 MWac project features a ground-mounted, single-axis PV system and is expected to be operational by Q4 2025.
The project is expected to generate revenue through both energy sales and renewable energy certificates under a long-term Power Purchase Agreement (PPA) with one of the largest investor-owned utilities in the U.S. Additionally, the Great Bend project is expected to significantly boost the Meigs County economy, contributing over $400,000 in new annual tax revenue.
“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.”
Doral Renewables is stated to have a solar and storage development portfolio of over 16 GW, which includes 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 in Q1 2025 increased by 27% compared to Q1 2024.
Earlier this month, Greenalia, a renewable energy project developer, secured a $295 million construction-to-term loan and a $93 million letter of credit facility from Mitsubishi UFJ Financial Group (MUFG) and Nomura Securities International for the 430 MWdc/331.6 MWac Misae II solar project in Texas.
