Doral is an Israeli renewable energy firm possessed by Doral Renewable Energy Resources Group, Migdal Group, Israel’s largest insurance, and pension manager, and U.S. members. Doral is constructing an 11 GWac wind, solar, and storage portfolio that spans 20 states, eight power markets, and 100,000 acres of land. Consumers in the United States, it has approximately $2 billion in long-term wholesale PPAs power purchase agreements.
Doral Renewables has completed project funding for a 400MW solar plant in Indiana. The Mammoth North project, which is the maiden phase of Doral’s Mammoth Solar venture, is situated in Starke County, in PJM’s northwestern region.
The project is going to be a single-axis ground-mounted PV system that will begin commercial operation in the year 2023. Doral is also building the closeby Mammoth South and Mammoth Central projects, which, when combined with Mammoth North, will produce 1.3GW of capacity, making it one of the nation’s largest communal solar farms.
The $392 million funding for the project, which included a construction-to-term loan facility worth $157 million, a tax equity bridge loan worth $170 million, and a letter of credit facility worth $65 million, was handled by Deutsche Bank in New York as the sole structuring bank, sole bookrunner, and mandated lead arranger. Doral inked an approximately $175 million tax equity pledge with Bank of America at the same time as the closing.
Doral’s financial advisor was Marathon Capital Markets. Mammoth North’s long-term PPA with AEP Electricity Partners, a unit of American Electric Power, will earn money from energy and renewable energy certificates.
“Doral is ecstatic to have worked with Deutsche Bank to raise this critical funding, which will allow us to bring Mammoth North online in 2023,” said Evan Speece, Doral Renewables’ chief financial officer.
“We look forward to working with our finance partners to provide clean energy from the other phases of Mammoth, as well as the rest of our expanding pipeline, to customers across the United States,” he added.
“Mammoth North Solar is a historic project that has won the support of hundreds of Indiana farmers who will fuel the new economy,” stated George Hershman, CEO of SOLV Energy. “The creation of this facility reflects Americans’ growing need for sources of cleaner energy right here at home. SOLV Energy is happy to represent our sector and the tremendous job, economic, and community service prospects that large-scale solar projects provide to an area as the EPC builder building Mammoth North.”