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.
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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.
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By GlobalData“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.
