Doral Renewables secures $392M in financing for 1st phase of Ind. solar project

Doral Renewables LLC secured financing for the 400-MWac first phase of the planned Mammoth solar project located in Indiana's Starke and Pulaski counties.

Deutsche Bank AG, New York Branch acted as sole bookrunner, sole structuring bank and mandated lead arranger for the $392 million financing for the first phase, called Mammoth North. The financing consisted of a $157 million construction-to-term loan facility, a $170 million tax equity bridge loan and a $65 million letter of credit facility, Doral said June 14.

Bayerische Landesbank, New York Branch and National Bank of Canada acted as lead managers with Banco de Sabadell SA, Miami Branch, Comerica Bank, a Texas banking association, Intesa Sanpaolo SpA, New York Branch and Metropolitan Life Insurance Co. rounding out the syndicate for the debt and letter of credit facilities.

Doral also signed a nearly $175 million tax equity commitment for the project from Bank of America NA. Marathon Capital Markets LLC acted as Doral's exclusive financial adviser.

The Mammoth solar project is comprised of the Mammoth North, Mammoth Central and Mammoth South projects, which will collectively bring 1.3 GWac of solar capacity. Doral, a U.S. subsidiary of an Israeli renewable energy company and an Israeli pension manager, among others, will sell electricity and renewable energy certificates from Mammoth North to American Electric Power Co. Inc. subsidiary AEP Energy Partners Inc. under a long-term power purchase agreement.

American Electric Power, through its AEP Energy subsidiary, signed a contract for the project's first phase in May 2021 and the project's second phase in August 2021.

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