Doral Renewables has secured tax equity financing for its Great Bend solar project, with Fifth Third Bank committing to investment of up to $30m.
The project, situated in Meigs County, Ohio, is expected to provide significant economic benefits to the region, including powering around 9,000 homes.
Located approximately 100 miles (161km) south-east of Columbus, near the Ohio-West Virginia border, the Great Bend solar project is set to become a ground-mounted single-axis photovoltaic (PV) system.
Once operational, it will boast a solar power generating capacity of 48MWac (megawatts alternating current).
The Great Bend project is not only expected to deliver clean energy to thousands of homes but also to generate substantial revenue.
This will come from both the energy produced and the sale of renewable energy certificates, supported by a long-term power purchase agreement (PPA) with one of the largest investor-owned utilities in the US.
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By GlobalDataIn addition to its environmental benefits, the Great Bend solar project is poised to provide a significant economic boost to Meigs County.
The project is expected to contribute more than $400,000 per year in new tax revenue, marking a major uplift for the local economy.
Doral Renewables chief financial officer Evan Speece said: “We are excited to partner with Fifth Third for the first time via this tax equity commitment to our Great Bend solar project.
“As we continue to bring a significant number of projects at scale to construction and operations, partnerships such as these are indelible to our success. We look forward accordingly to making this transaction a foundation for future growth in our relationship with Fifth Third.”
Doral Renewables has projected that the Great Bend project will reach commercial operations by the fourth quarter of 2025.
This timeline sets the stage for the project to begin delivering both energy and economic advantages to the region in the near future.
The collaboration between Doral Renewables and Fifth Third Bank also includes a tax credit transfer transaction, which is scheduled to be completed later this year.
Fifth Third corporate banking managing director and group head of renewables Jon Stark said: “We are proud to support Doral as lead on the tax equity financing for Great Bend.
“Supporting premier platforms like Doral squarely fits our future growth, and we look forward to growing with Doral as they continue to execute on their high-quality US renewables pipeline.”
