Doral protects project money for 400MW United States solar

Jun 15, 2022 01:53 PM ET
  • Mammoth North project in Indiana is due to go into commercial operation in 2023
Doral protects project money for 400MW United States solar
Image: Unsplash/APPA

Doral Renewables has closed building and construction project funding for a 400MW solar project in Indiana.

The Mammoth North project is the very first phase of Doral's Mammoth Solar project as well as it is located in Starke County, in the north western region of PJM.

The project will certainly be a ground-mounted solitary axis PV system and is slated to enter commercial procedure in 2023.

Doral is also developing the nearby Mammoth Central and also Mammoth South projects which, together with Mammoth North, will bring 1.3 GW of capacity to market as one of the nation's largest collective solar farms.

Deutsche Bank in New York functioned as sole bookrunner, single structuring bank as well as mandated lead arranger for the $392m financing for the project, which included a $157m construction-to-term car loan facility, a $170m tax obligation equity swing loan, and also a $65m letter of credit facility.

The closing was finished concurrently with Doral's signing of a virtually $175m tax obligation equity commitment for the project from Bank of America.

Marathon Capital Markets acted as unique economic advisor for Doral.

Mammoth North will certainly generate energy and renewable resource certification profits by means of its long-lasting PPA with AEP Energy Partners, a subsidiary of American Electric Power.

" Doral is thrilled to have collaborated with Deutsche Bank to increase this essential item of capital which will certainly allow us to bring Mammoth North to commercial operation as anticipated in 2023," claimed Evan Speece, primary financial officer at Doral Renewables.

He added: "We expect continuing to deal with our funding partners to bring clean energy from the various other stages of Mammoth, et cetera of our expanding pipeline, to consumers throughout the United States."

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