Latest news with #DoralRenewables
Yahoo
20-05-2025
- Business
- Yahoo
Doral Renewables gains $1.5bn financing for US solar projects
US-based renewable energy assets developer Doral Renewables has secured up to $1.5bn in financing for its Mammoth South, Mammoth Central I and Mammoth Central II solar projects in Pulaski County, Indiana, US. The projects, each with 300 megawatts alternating current (MWac) capacity, are integral parts of the larger 1.3GW Mammoth Solar facility, set to supply electricity to 275,000 households each year. Each project has secured long-term power purchase agreements with prominent utilities and all will commence commercial operations in the fourth quarter of 2026. KeyBanc Capital Markets, Banco Santander and HSBC Bank USA served as co-ordinated lead arrangers for the $1.3bn construction debt financing. The package includes $412m in construction-to-term loan facilities, $614m in tax equity bridge loans and a $259m letter of credit facility. The financial closure coincided with Doral's agreement of more than $200m in tax equity commitment from Truist Bank for the Mammoth South project. Doral Renewables chief financial officer Evan Speece stated: "We are thrilled to close these landmark financings to support the construction of the remaining three phases of our Mammoth Solar project. "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." The Mammoth South, Central I and Central II projects will be ground-mounted single-axis photovoltaic systems and will incorporate more than one million solar modules manufactured in the US. They will utilise 20,000 tonnes (t) of Indiana steel, injecting tens of millions of dollars into the state's economy. Doral aims to broaden its agrivoltaics initiatives within the project sites, promoting heritage farming activities such as livestock grazing and food production. Marathon Capital Markets acted as tax equity advisor, while McDermott Will & Emery provided legal counsel to Doral for both the construction debt and tax equity. CCA Group was the tax equity advisor, with Milbank providing legal counsel to Truist. The lenders received legal counsel from Norton Rose Fulbright. In April 2025, Doral Renewables also secured tax equity financing for its Great Bend solar project, with Fifth Third Bank committing to an investment of $30m. "Doral Renewables gains $1.5bn financing for US solar projects" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
18-05-2025
- Business
- Yahoo
US' 1.3GW solar farm to power 200,000 homes, boost clean energy capacity by 20%
A 1.3 gigawatt (GW) solar farm in northern Indiana is all set to become one of USA's largest solar power projects following an agreement between Philadelphia-based renewable energy operator Doral Renewables and Virginia-headquartered engineering firm Bechtel. Construction on Indiana's Mammoth Solar project ramped up this month after Doral Renewables issued a Full Notice to Proceed (FNTP) to Bechtel in a bid to boost total solar capacity in Indiana by more than 20%. Bechtel will design, engineer, and build Mammoth South, Mammoth Central I, and Mammoth Central II—three segments that together will deliver 900 megawatts AC of clean energy capacity, enough to power 200,000 homes. Bechtel is set to install approximately two million solar panels over the next two years—around half of which will be manufactured in the US. The company is overseeing all engineering, procurement, and construction activities. According to a media statement released by the firm, it will use its award-winning digital delivery methods and autonomous technologies to speed up construction and improve project outcomes. "A project of this scale depends on strong collaboration with local building trades to ensure access to the skilled workforce needed. We're working closely with craft professionals, creating high-quality jobs, and being a reliable partner to the community as we help deliver Mammoth Solar and increase the supply of clean, reliable solar power," said Scott Austin, Bechtel's general manager of renewables & clean power. More than 1,200 jobs are expected to be created at the height of the Mammoth Solar project, with at least 15% dedicated to apprenticeships. When completed in 2027, Doral Renewables plans to implement agrivoltaics initiatives across the entire site, integrating livestock grazing and crop cultivation alongside the solar panels. This dual-use approach allows local farmers and landowners to continue their agricultural activities while benefiting from renewable energy production. "We remain deeply committed to the highest standards of safety, quality, and environmental stewardship throughout this phase. We are equally focused on fostering strong community relationships, ensuring meaningful local participation from the workforce and vendors, and supporting the county through direct, indirect, and induced economic benefits," noted Amit Nadkarni, senior vice president of project & asset management at Doral Renewables. One of Bechtel's massive past projects was the Ivanpah solar power plant, a concentrated solar power facility located in California's Mojave Desert. The plant uses rows of parabolic mirrors called heliostats to focus sunlight onto receivers atop three towers. Comprising three CSP plants side by side, Ivanpah was the largest facility of its kind in the world at the time. It features 173,500 heliostats, each equipped with two parabolic mirrors that reflect sunlight onto the solar towers. Developed by BrightSource Energy in partnership with Bechtel, the project cost $2.2 billion to complete. This year, power plant operator and co-owner NRG Energy Inc. announced plans to shut down part of the Ivanpah plant, just over 11 years after it began operations. Originally, the utility was contracted to purchase power from two units through 2039. However, following a 2021 directive from the California Public Utilities Commission to review energy sources, the utility identified the Ivanpah agreements as a chance to reduce costs, leading plant owners to offer early termination.
Yahoo
30-04-2025
- Business
- Yahoo
Doral Renewables closes tax equity financing for Ohio-based Great Bend solar project
Doral Renewables has secured tax equity financing for its Great Bend solar project, with Fifth Third Bank committing to investment of up to $30m. The project, situated in Meigs County, Ohio, is expected to provide significant economic benefits to the region, including powering around 9,000 homes. Located approximately 100 miles (161km) south-east of Columbus, near the Ohio-West Virginia border, the Great Bend solar project is set to become a ground-mounted single-axis photovoltaic (PV) system. Once operational, it will boast a solar power generating capacity of 48MWac (megawatts alternating current). The Great Bend project is not only expected to deliver clean energy to thousands of homes but also to generate substantial revenue. This will come from both the energy produced and the sale of renewable energy certificates, supported by a long-term power purchase agreement (PPA) with one of the largest investor-owned utilities in the US. In addition to its environmental benefits, the Great Bend solar project is poised to provide a significant economic boost to Meigs County. The project is expected to contribute more than $400,000 per year in new tax revenue, marking a major uplift for the local economy. Doral Renewables chief financial officer Evan Speece said: 'We are excited to partner with Fifth Third for the first time via this tax equity commitment to our Great Bend solar project. '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 has projected that the Great Bend project will reach commercial operations by the fourth quarter of 2025. This timeline sets the stage for the project to begin delivering both energy and economic advantages to the region in the near future. The collaboration between Doral Renewables and Fifth Third Bank also includes a tax credit transfer transaction, which is scheduled to be completed later this year. Fifth Third corporate banking managing director and group head of renewables Jon Stark said: 'We are proud to support Doral as lead on the tax equity financing for Great Bend. 'Supporting premier platforms like Doral squarely fits our future growth, and we look forward to growing with Doral as they continue to execute on their high-quality US renewables pipeline." "Doral Renewables closes tax equity financing for Ohio-based Great Bend solar project" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Associated Press
21-04-2025
- Business
- Associated Press
NovaSource and Doral Renewables Prepare to Deploy One of the US' Largest Agrivoltaics Facilities in Northwest Indiana
CHANDLER, Ariz., April 21, 2025 /PRNewswire/ -- NovaSource Power Services ('NovaSource'), the world's largest solar operations and maintenance ('O&M') provider, has partnered with Doral Renewables and been selected as the Operations and Maintenance ('O&M') and Generator Operator ('GO') for the Mammoth Solar Project, one of the largest agrivoltaics facilities in the United States. Located in Pulaski and Starke Counties, Indiana, the Mammoth Solar Project is a multi-phase initiative set to deliver nearly 1.6GWdc of clean energy. By seamlessly integrating solar power generation with agricultural use, the project supports dual land functionality, advancing both clean energy and sustainable farming practices, allowing local farmers to diversify their revenue stream while maximizing land use. The project's four phases include Mammoth North (480MWdc), completed in Q4 2024, and Mammoth South (360MWdc), Mammoth Central I (360MWdc), and Mammoth Central II (360MWdc), all expected to achieve commercial operation in 2026. Leveraging its extensive industry expertise and a proven track record of managing over 30GW of solar assets worldwide, NovaSource will ensure maximum efficiency, reliability, and compliance for this landmark project. 'Mammoth Solar Project represents a groundbreaking approach to agrivoltaics, and we are proud to collaborate with Doral Renewables on a project that sets new industry benchmarks for scale, sustainability, and innovation,' stated Irfan Bharde, Senior Vice President and Chief Commercial Officer at NovaSource Power Services. 'Our team is committed to delivering the highest standards of service, ensuring the project operates at its full potential and meeting all regulatory and operational requirements.' The Mammoth Solar Project is a game-changer in the shift to renewable energy, and NovaSource is excited to be part of its success. The company brings its expertise to the table by providing O&M services, managing GOP, supporting GO, and overall NERC compliance to streamline grid integration. NovaSource will be also utilizing data-driven asset management solutions to maximize energy output and optimize performance through advanced monitoring and analytics. 'We are thrilled to partner with NovaSource Power Services to bring the Mammoth Solar Project to life,' said Chris Hinton, Vice President of Asset Management at Doral Renewables. 'Mammoth Solar's commitment to farming families, dual-use practices and the local communities will allow farmers to produce food and crop alongside the solar panels, maximizing their land and profitability. The majority of these efforts will occur during the operation phase of the project and require an O&M partner with both professional experience and a similar community-oriented approach. NovaSource's proven track record and credentials makes them the perfect partner to back up our commitments'. As demand for reliable energy grows, the Mammoth Solar Project launched by Doral Renewables and supported by NovaSource's proven capabilities, is set to establish a new standard for large-scale solar initiatives to support local communities for decades to come. About NovaSource Power Services NovaSource Power Services ('NovaSource'), a portfolio company of Clairvest Group Inc. ('Clairvest', TSX: CVG) and OMERS Private Equity, the private equity arm of OMERS, is the world's largest independent solar operations and maintenance ('O&M') provider, delivering excellence through data-driven strategies, innovative solutions, and a world-class culture of safety, integrity, and quality. NovaSource's comprehensive approach to total asset optimization in addition to operations and maintenance includes value engineering, performance analysis, strategic supply chain management, and advanced monitoring systems. The company operates in key global markets and across most U.S. states managing over 30GW of solar power plants. NovaSource's expertise extends beyond solar and includes battery energy storage systems (BESS), offering a complete suite of services for the evolving renewable energy landscape. For more information about NovaSource Power Services, please visit or follow @NovaSourcePower on LinkedIn About Doral Renewables Doral Renewables is a Philadelphia-based developer, owner, and operator of renewable energy assets throughout the United States. Our solar and storage development portfolio exceeds 16 GW, which includes 400 MW currently in operation and 950 MW under construction. Doral Renewables operates in 20 states and across seven electricity markets. With a strong focus on community engagement, we aim to integrate agrivoltaics practices throughout our pipeline, creating additional opportunities for farming communities. We have secured over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers. Our global management and leadership team includes the Doral Group (TASE: DORL), Migdal Group (TASE: MGDL), Clean Air Generation, APG, and Apollo Global Management (NYSE: APO). Learn more at and follow us on LinkedIn and Facebook. View original content to download multimedia: SOURCE NovaSource Power Services
Yahoo
21-03-2025
- Business
- Yahoo
Former Indiana Gov. Eric Holcomb lands director job on clean energy developer's board
Former Indiana Gov. Eric Holcomb and executives from Doral Renewables LLC break ground on the Mammoth Solar project in Northwest Indiana in October 2021. (Photo courtesy Holcomb's Flickr) Former Indiana Gov. Eric Holcomb's first role since leaving state office will be as board director for a Philadelphia-based renewable energy developer. Doral Renewables LLC announced Holcomb's board appointment on Thursday, less than three months after the two-term Republican governor's tenure came to end. After eight years in office, Holcomb passed the baton to Gov. Mike Braun in January. 'I couldn't be more excited to join the relationship-centric team at Doral Renewables,' Holcomb said in a written statement. 'Doral's world-class vision and mission are both critically important to meet the communities' needs and provide them with economic opportunities and increased energy demand we are going to experience in the upcoming years. I look forward to strategically assisting Doral as the months and years unfold.' Outgoing Indiana Gov. Eric Holcomb looks back on eight years in office — and at what's next Holcomb, 56, had previously resisted speculation on where he might go — or what he would do — after completing his role in state government. He and his wife, Janet, have since moved from the governor's residence to a home just northwest of Indianapolis. Doral Renewables describes itself as an 'an independent power producer' specializing in greenfield development — meaning new construction projects on undeveloped land — of utility-scale renewable energy projects. The company's 14-gigawatt portfolio includes the 1.3-gigawatt Mammoth Solar complex in Indiana and the 1.2-gigawatt Vista Sands Solar project in Wisconsin. The Indiana project — which spans 13,000 acres across Starke and Pulaski counties — is expected to power roughly a quarter-million households once complete, according to company officials. Holcomb cited the project in his 2022 State of the State address, calling it 'an incredible investment and confidence in the state of Indiana and its people,' and emphasized the significant economic and environmental benefits coming to Northwest Indiana, as a result. Holcomb, along with leaders of Indiana's Economic Development Corporation (IEDC), held multiple meetings and public engagements with project executives from Doral Renewables in both Indiana and Israel. The U.S.-based developer has roots in Israel and is backed by both Israeli and U.S. investors. 'Governor Holcomb brings decades of exceptional experience in policymaking and economic development. His vision and leadership have resulted in record-breaking investments in Indiana,' said Nick Cohen, president and CEO of Doral Renewables. 'His innovative mindset aligns with our farmer community, especially as we continue to enhance our agrivoltaics deployment efforts, benefiting both the national grid by diversifying energy resources and cost reduction as well as local farmers by maximizing land use and creating additional revenue streams.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
