Doral Closes Financing for 400 MW Mammoth North Solar Project in Indiana

Doral Renewables LLC has successfully closed construction project financing for Mammoth North, the first phase of Doral’s broader Mammoth Solar project. Mammoth North, which is located on 4,500 acre in Starke County, Ind. in the northern region of PJM, is Mammoth North. The project will include a ground-mounted, single axis photovoltaic array with 400 MW AC solar power capacity. Doral is also working on the Mammoth South and Mammoth Central projects nearby. Together, they will bring 1.3 GW AC to market.

Deutsche Bank AG, New York Branch, was the sole bookrunner, sole structuring banking and the lead arranger for the $392,000,000 financing. This included a $157M construction-to-term loan facility and a $170M tax equity bridge loan. It also included a $65 Million letter of credit facility. Bayerische Landesbank, New York Branch, and National Bank of Canada were the lead managers for debt and letter of credit facilities Banco de Sabadell S.A., Miami Branch; Comerica Bank; Intesa Sanpaolo S.p.A.A. New York Branch; Metropolitan Life Insurance Company. The closing was completed simultaneously with Doral’s signing of a nearly $175 million tax equity commitment for the project from Bank of America N.A. Marathon Capital Markets LLC served as Doral’s exclusive financial adviser.

Mammoth North will generate electricity and renewable energy certificate revenues through its long-term power buy agreement with AEP Energy Partners Inc. (a subsidiary of American Electric Power).

“We are proud to support Doral with this financing and to have partnered with their world-class development team and furthered DB’s commitment to Sustainable Financing,” states Jeremy Eisman, head of infrastructure, energy financing and structuring at Deutsche Bank.

“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,” comments Evan Speece, CFO at Doral Renewables LLC. “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.”