Doral Renewables has successfully obtained financing for the 400MWac Mammoth North solar project in Starke County, Indiana.
The project will receive $392m financing from Deutsche Bank’s New York branch. It includes $157m construction-to-term loan facility, $170m tax equity bridge loan and $65m letter of credit.
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The branch served as the sole bookrunner, structuring bank and mandated lead arranger for the financing. Bayerische Landesbank’s New York branch and National Bank of Canada served as lead managers.
Doral agreed to a tax equity commitment worth $175m for the project from Bank of America. In the process, Marathon Capital Markets served as exclusive advisor for Doral.
Doral Renewables chief financial officer Evan Speece said: “Doral is thrilled to have collaborated with Deutsche Bank to raise this important piece of capital which will enable us to bring Mammoth North to commercial operation as expected in 2023.
“We look forward to continuing to work with our financing partners to bring clean energy from the other stages of Mammoth, and the rest of our growing pipeline, to customers throughout the United States.”
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By GlobalDataMammoth North is the first phase of Doral’s 1.3GW Mammoth Solar project and is expected to supply power to over 75,000 homes when operational in 2023.
Located on 4,500 acres, it is designed to be a ground-mounted single axis PV system. The company already has long-term power purchase agreement (PPA) in place with AEP Energy Partners.
Doral Renewables is also engaged in developing Mammoth Central and Mammoth South projects.
Once complete, the three projects together will form one of the largest solar farms in the US.
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Image: Mammoth North section will sell its electricity to AEP Energy Partners. Credit: jaidee from Pixabay.
