Doral Renewables has closed on a project debt financing package to support initial construction of the remaining phases of its Mammoth Solar complex, located in northern Indiana.
KeyBanc Capital Markets acted as coordinating lead arranger and administrative agent, with HSBC and Santander Corporate & Investment Banking acting as joint lead arrangers for the $285 million financing, which consists of a $200 million construction loan facility and $85 million of additional support via letters of credit.
Simultaneously with this financing, the projects entered into EPC agreements with Bechtel.
The remaining phases of Mammoth include three 300 MW ground-mounted single-axis PV systems: Mammoth South, Mammoth Central I and Mammoth Central II, located in Pulaski County, Ind.
This announcement follows the July completion of construction on the first phase of the Mammoth complex, the 400 MW Mammoth North project located in Starke County, Ind.
Each of the Mammoth Solar project sections have secured PPAs with investor-owned utilities through which the project hopes to generate long-term energy and REC revenues.
Mammoth Solar is also at the center of Doral Renewables’ agrivoltaics initiatives, including integration of on-site livestock grazing and crop cultivation, allowing local farmers to continue their farming operations while maximizing land use.
“We are proud to have delivered this crucial and novel structure in which this financing serves as a bridge to the eventual permanent construction financing,” says Evan Speece, CFO at Doral Renewables. “And notably, we have done so with a fantastic team of lenders at KeyBank, Santander and HSBC who will continue to serve as important financial partners as we continue to execute on our mission.”
McDermott Will & Emery served as legal counsel to Doral. Norton Rose Fulbright served as legal counsel to the lenders in connection with the financing transaction.
