Latest news with #DoralRenewablesLLC
Yahoo
19-05-2025
- Business
- Yahoo
Doral Renewables Secures $1.5 Billion of Debt and Tax Equity Financing for the Completion of Mammoth Solar
PHILADELPHIA, May 19, 2025 /PRNewswire/ -- Doral Renewables LLC ("Doral") has successfully closed construction project financing for the Mammoth South, Mammoth Central I, and Mammoth Central II solar projects in Pulaski County, Indiana. The three projects, each with a generation capacity of 300 MWac, are part of the broader 1.3 GW Mammoth Solar facility. Mammoth Solar will generate enough energy to power approximately 275,000 households annually. The Mammoth South, Central I, and Central II projects will all be ground-mounted single-axis PV systems utilizing approximately 20,000 tons of Indiana steel in aggregate and boosting Indiana's economy with tens of millions of dollars in economic value impacts. The projects will also utilize over 1 million US-made solar modules. Upon the completion of the three projects, Doral Renewables plans to expand its large-scale dual-use practices, known as agrivoltaics, inside the projects' area, allowing farmers to return to heritage farming activities such as livestock grazing and food production. Each of the three projects maintains long-term Power Purchase Agreements with leading utilities and is expected to reach commercial operations in the 4th quarter of 2026. Doral's existing and planned agrivoltaics efforts for Mammoth Solar were recognized as the "Dual-Use Plan of the Year" at last year's North American Agrivoltaics Awards. KeyBanc Capital Markets, Inc., Banco Santander, S.A., and HSBC Bank USA, N.A acted as Coordinated Lead Arrangers for the $1.3 billion construction debt financing for the projects, which consisted of $412 million of construction-to-term loan facilities, $614 million of tax equity bridge loans, and a $259 million letter of credit facility. The closing was completed simultaneously with Doral's signing of an over $200 million tax equity commitment for the Mammoth South project from Truist Bank. "We are thrilled to close these landmark financings in support of the construction of the remaining three phases of our Mammoth Solar project," said Evan Speece, Chief Financial Officer of Doral Renewables LLC. "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." "We are proud to serve as coordinating lead arranger for Doral Renewables as they build out the remaining phases of the Mammoth Solar Complex," said Nadav Hazan, Vice President, KeyBanc Capital Markets, Utilities, Power & Renewable Energy Group. "Our longstanding relationship with Doral's management team has created a foundation of trust that enables transformative projects like this. We are excited to see this collaborative effort pay off, and we look forward to the impact Mammoth will have on Indiana's economy going forward." "We are proud to have supported Doral throughout the financing of these milestone projects, from development through to construction. We value our strong relationship and congratulate Doral and their partners on this important achievement," said Nuno Andrade, Head of Structured Finance & Advisory US, Santander Corporate & Investment Banking. "We are extremely proud to support Doral in the close of the construction financing for their Mammoth Solar project," said Paul Snow, Head of Renewables, Americas at HSBC. "Building on our role in the initial bridge construction financing, this milestone reflects our ongoing commitment to Doral's vision for large-scale renewable energy in the United States. As we deepen our partnership with Doral, we remain focused on financing leading renewable energy projects." "Truist is excited to close on this meaningful and important tax equity commitment with Doral for their impressive Mammoth South utility solar project," said Chris Nygren, Head of Tax Equity for Truist Bank. "Broadening our relationship with Doral through this transaction is a win for both parties, and we look forward to partnering with them again in the future to help deliver renewable energy to local communities." Marathon Capital Markets served as the tax equity advisor and McDermott Will & Emery was legal counsel to Doral with respect to both the construction debt and the tax equity. CCA Group served as the tax equity advisor and Milbank LLP provided tax equity legal counsel to Truist. Norton Rose Fulbright provided legal counsel to the lenders. About Doral Renewables LLC Doral Renewables is a Philadelphia-based developer, owner, and operator of renewable energy assets throughout the United States. Our solar and storage development portfolio comprises nearly 18 GW, which includes 400 MW currently in operation and 950 MW under construction. Doral Renewables operates in 22 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. About KeyBanc Capital Markets KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. With more than 800 professionals across a national platform, KeyBanc Capital Markets has raised more than $125 billion of capital for their clients and has an award-winning equity research team that provides coverage on over 500 publicly traded companies. KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp® and its subsidiaries, KeyBanc Capital Markets Inc., Member FINRA/SIPC ("KBCM"), and KeyBank National Association ("KeyBank N.A."), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives. Banking products and services are offered by KeyBank N.A. Securities products and services: Not FDIC Insured • No Bank Guarantee • May Lose Value About HSBC HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through International Wealth and Premier Banking (IWPB) and Corporate and Institutional Banking (CIB). Deposit products are offered by HSBC Bank USA, N.A., Member FDIC. About Santander Santander Corporate & Investment Banking (Santander CIB) is Santander's global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication, as well as to responsible banking standards that contribute to the progress of society. About Truist Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $531 billion as of Dec. 31, 2024. Truist Bank, Member FDIC. Learn more at ContactsMedia Inquiries: Ran Rabi, ranrabi@ Inquiries: Evan Speece, espeece@ View original content to download multimedia: SOURCE Doral Renewables LLC
Yahoo
01-05-2025
- Business
- Yahoo
Doral Renewables Secures Additional $100 Million Letter of Credit Facility
PHILADELPHIA, May 1, 2025 /PRNewswire/ -- Doral Renewables LLC ("Doral") has successfully closed a $100 million corporate Letter of Credit facility. The Letters of Credit are expected to primarily be used for new interconnection and power purchase agreement obligations incurred during development of the Company's projects. This new facility is additive to the $185 million of existing corporate Letter of Credit capacity which Doral maintains. HSBC acted as Sole Arranger and Issuing Bank for this new facility. "We are pleased to deepen our relationship with Doral through this financing, and support Doral's dedication to delivering large-scale renewable energy projects in the U.S." said Kelly Chan Considine, Director, Global Network Banking US at HSBC. "This transaction with Doral builds on the strong foundation we've established together. It reflects our confidence in their execution capabilities and the importance of supporting high-quality sponsors in the renewable energy space as the market continues to evolve" said James Gallagher, Head of Global Network Banking US at HSBC. "We look forward to further enhancing our relationship with Doral and excited to support their continued growth in 2025 and beyond." "Doral is proud to have extended our relationship with HSBC by raising this new corporate Letter of Credit capacity which will enable us to continue efficient development of our project portfolio," said Evan Speece, Chief Financial Officer at Doral Renewables LLC. "In today's renewable energy development climate, this type of credit support capacity is paramount to success and we appreciate HSBC's support in bolstering our strength in this area." About Doral Renewables LLC Doral Renewables is a Philadelphia-based developer, owner, and operator of renewable energy assets throughout the United States. Our solar and storage development portfolio of over 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. About HSBC HSBC USA Inc. is a Maryland corporation and its principal business is to act as a holding company for its subsidiaries including HSBC Bank USA, N.A. Through HSBC Bank USA, N.A. and its subsidiaries, HUSI offers a full range of traditional banking products and services to individuals, including high net worth individuals, small businesses, corporations, institutions and governments. HSBC USA Inc. is a wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 58 countries and territories. With assets of US$3,017bn at 31 December 2024, HSBC is one of the world's largest banking and financial services organizations. ContactsMedia Inquiries: Ran Rabi, ranrabi@ Inquiries: Evan Speece, espeece@ View original content to download multimedia: SOURCE Doral Renewables LLC Sign in to access your portfolio
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
