Latest news with #MammothSolar
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
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
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
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
Associated Press
20-03-2025
- Business
- Associated Press
Former Indiana Governor Holcomb Joins Doral Renewables Board of Directors
PHILADELPHIA, March 20, 2025 /PRNewswire/ -- Doral Renewables LLC, a leading developer, owner, and operator of renewable energy projects, has announced the appointment of former Indiana Governor Eric J. Holcomb to its board of directors. Holcomb recently completed his eight-year term as the 51st Governor of Indiana, during which the state saw record-breaking investments and job creation. Doral Renewables, an independent power producer, specializes in greenfield development of utility scale renewable energy projects. Its 14 gigawatt (GW) pipeline includes projects such as the 1.3 GW Mammoth Solar in Indiana and the 1.2 GW Vista Sands Solar project in Wisconsin. These two projects alone will power 500,000 Midwestern households. The company's Mammoth Solar project in Indiana impacts the Hoosier state's economy by tapping into Indiana's leading industries, including utilizing approximately 20,000 tons of Indiana steel. The project is also expected to contribute over $40 million to local municipalities through taxes and economic development payments. One of Doral's primary efforts focuses on implementing dual-use practices that allow solar energy and farming to co-exist on the same land, offering local family farms the opportunity to increase profitability, and promote food production and heritage farming. Mammoth Solar currently features 2,000 livestock grazing within the project's perimeter and the cultivation of several food crops. 'Governor Holcomb brings decades of exceptional experience in policymaking and economic development. His vision and leadership have resulted in record-breaking investments in Indiana,' stated 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.' 'I couldn't be more excited to join the relationship-centric team at Doral Renewables', said Holcomb. '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.' 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 14 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. Governor Eric J. Holcomb Eric J. Holcomb most recently served as the 51st Governor of the State of Indiana. Holcomb is a lifelong Hoosier, born in Indianapolis, Indiana, graduated from Pike High School and Hanover College in southeastern Indiana. He went on to serve six years of active duty in the U.S. Navy, first at Naval Station Great Lakes , and later at Naval Air Station Cecil Field, Florida, and then overseas at CINCIBERLANT NATO Command in Portugal. Holcomb was a trusted advisor to both Governor Mitch Daniels and Senator Dan Coats and served as a former state chairman of the Indiana Republican Party. He just finished serving in his second term as governor having been elected in 2016 and 2020 when he received the most votes for governor in Indiana history. Prior to his election as governor, Holcomb served as Indiana's 51st Lieutenant Governor alongside then Governor Mike Pence. Holcomb has earned a reputation as a problem-solving, consensus builder focused on creating new opportunities for all. He frequently traveled throughout the state, visiting with Hoosiers about how to make Indiana the best place in the world to live, work, study, play, and stayed focused on economic, workforce, and community development. Under Holcomb's leadership, Indiana soared to new heights, including record investments and outcomes in infrastructure, education and healthcare and becoming an economic envy in America. Holcomb and his wife, Janet, live with their miniature schnauzer Oliver in central Indiana.
