Doral Renewables LLC, a US renewable energy company has secured a USD 285 million (EUR 258.2 million) financing package to fund the initial construction of the remaining three 300-MW phases of the Mammoth Solar project in Northern Indiana.
Mammoth Project Adds 900 MW PV Systems in Indiana
The remaining phases of the Mammoth project include three ground-mounted single-axis photovoltaic (PV) systems—Mammoth South, Mammoth Central I, and Mammoth Central II—each with a capacity of 300 MW, totalling 900 MW. These systems will be situated in Pulaski County, Indiana. This announcement follows the completion of the first phase, the 400 MW Mammoth North project, in Starke County, Indiana, which was finished in July.
All sections of the Mammoth Solar project have secured Power Purchase Agreements (PPAs) with leading investor-owned utilities, ensuring long-term revenues from energy and renewable energy certificates.
At the same time, the projects signed Engineering, Procurement and Construction (EPC) agreements with Bechtel, a major American construction company and one of the largest globally.
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“We’re delighted that Doral has chosen Bechtel to deliver the remaining three phases of Mammoth Solar, one of the biggest solar projects in the US. One of the keys to the success of building a project of this scale is working closely with the local building trades to provide the necessary skilled labour. We look forward to collaborating with unions and being good neighbours and active community members to maximize the positive social impact - including through local job creation - as we construct these facilities to generate a further 1.1 gigawatts of clean renewable power.” said Kelley Brown, Bechtel’s Operations Manager of Renewables & Clean Power.
“The Mammoth Solar Project not only marks a significant milestone in Doral's journey but also represents a major opportunity for Pulaski County by creating hundreds of jobs during construction, contributing to the economic and environmental well-being of the region. We are thrilled to partner with Bechtel, a company with over a century of experience, for the execution of the rest of the Mammoth Solar facility. Bechtel brings an unparalleled level of expertise to the table and their culture of delivering high-quality EPC services makes them the ideal partner for this ambitious project. Together, we are committed to upholding the highest standards of quality, safety and environmental stewardship.” said Amit Nadkarni, Doral Renewables’ SVP, Project and Asset Management.
KeyBanc, HSBC and Santander Secure $285M Financing for Bechtel Projects
KeyBanc Capital Markets served as the Coordinating Lead Arranger and Administrative Agent while HSBC and Santander Corporate & Investment Banking took on roles as Joint Lead Arrangers for a $285 million financing package. This includes a $200 million construction loan facility along with $85 million in additional backing through letters of credit.
“We are proud to have delivered this crucial and novel structure in which this financing serves as a bridge to the eventual permanent construction financing. And notably, we have done so with a fantastic team of lenders at KeyBank, Santander and HSBC who will continue to serve as important financial partners as we continue to execute our mission.” said Evan Speece, Chief Financial Officer at Doral Renewables.
“We are pleased to continue our relationship with the experienced management team at Doral Renewables. Mammoth Solar will be the largest standalone solar portfolio in the U.S., and we are thrilled to serve as coordinating lead arranger for this credit facility to help accelerate the assets’ construction,” said Nadav Hazan, Vice President, KeyBanc Capital Markets, Utilities, Power & Renewable Energy Group.
Mammoth Solar Wins Agrivoltaics Award
Mammoth Solar is a key part of Doral Renewables' agrivoltaics initiatives which integrate on-site livestock grazing and crop cultivation, enabling local farmers to maintain their operations, optimize land use and create additional value. For these efforts, Mammoth Solar was awarded Dual Use Plan of the Year at the inaugural North American Agrivoltaics Awards in July. Additionally, the State of Indiana officially declared July 9th as Agrivoltaics Day.