US independent power producer (IPP) Doral Renewables has closed a US$1.3 billion construction debt financing package to support its solar projects in Pulaski County, Indiana.
The three projects, Mammoth South, Mammoth Central I, and Mammoth Central II, have a generation capacity of 300 MW each. They are part of the US$1.5 billion Mammoth Solar facility, which will boast a capacity of 1.3GW in total.
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All three Mammoth Solar projects are backed by long-term power purchase agreements (PPAs) with major utilities. Commercial operations for the projects are slated to begin in the fourth quarter of 2026.
The financing round, which includes US$412 million in construction-to-term loan facilities, US$614 million in tax equity bridge loans, and a US$259 million letter of credit facility, was led by KeyBanc Capital Markets, Banco Santander, and HSBC Bank.
The projects will feature ground-mounted single-axis PV systems. Collectively, the projects will incorporate approximately 20,000 tons of Indiana-manufactured steel and utilise over one million US-made solar modules.
Following completion, Doral intends to implement large-scale agrivoltaic practices across the project sites (Premium access). The dual-use model will enable farmers to resume traditional agricultural activities such as livestock grazing and food production beneath and around the solar infrastructure. This initiative builds on Doral’s ongoing efforts in integrating solar energy with farming.
“We are thrilled to close these landmark financings in support of the construction of the remaining three phases of our Mammoth Solar project,” said CFO of Doral Renewables, Evan Speece.
“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.”
Marathon Capital Markets served as Doral’s tax equity advisor, while McDermott Will & Emery provided legal counsel on both the construction debt and tax equity components.
The Philadelphia-headquartered company announced the project in 2021, with a planned capacity of 1.65GW.
