Doral Secures $1.5B for Indiana Solar Projects Expansion

• Doral Renewables secures $1.5B for Mammoth Solar, powering 275,000 homes with US-made tech by 2026.

Doral Renewables LLC has secured $1.5 billion in financing for three phases of its 1.3-GW Mammoth Solar project in Indiana. The financing covers Mammoth South, Mammoth Central I, and Mammoth Central II, each with a 300 MW capacity. This follows the launch of the 400-MW Mammoth North Solar last summer. The financing includes $1.3 billion in construction debt from KeyBanc Capital Markets, Banco Santander, and HSBC Bank USA, and over $200 million in tax equity from Truist Bank.

The projects, located in Pulaski County, will use single-axis trackers and over one million US-made PV modules. Power purchase agreements are in place with leading utilities, and commissioning is set for late 2026. Once operational, Mammoth Solar will supply electricity to approximately 275,000 homes annually.

How will Doral Renewables' $1.5 billion financing impact the Mammoth Solar project in Indiana?

• The $1.5 billion financing will accelerate the construction timeline for the Mammoth Solar project, ensuring that all phases are completed by the target date of late 2026.
• It will enable the procurement of advanced technology, such as single-axis trackers and high-efficiency US-made PV modules, enhancing the project's overall performance and reliability.
• The financing will support local job creation during the construction phase, boosting the economy in Pulaski County and surrounding areas.
  
• It will provide financial stability and confidence to stakeholders, including power purchase agreement partners, ensuring long-term commitments and partnerships.
  
• The funding will facilitate the integration of the Mammoth Solar project into the regional grid, improving energy reliability and reducing dependency on fossil fuels.
  
• It will contribute to Indiana's renewable energy goals, positioning the state as a leader in solar energy production in the Midwest.
  
• The project will have a significant environmental impact by reducing carbon emissions, equivalent to taking thousands of cars off the road annually.
• The financing will allow for potential future expansions or enhancements to the project, increasing its capacity and efficiency over time.