Funding Round attributes
Doral Renewables Secures $285 Million Debt Financing to Support Remaining Phases of Mammoth Solar Project.
Doral Renewables LLC, a renewable energy company specializing in large-scale solar power projects, has successfully closed a project debt financing package totaling $285 million to support the initial construction of the remaining phases of its Mammoth Solar complex in Northern Indiana. The financing consists of a $200 million construction loan facility and an additional $85 million in letters of credit. KeyBanc Capital Markets acted as Coordinating Lead Arranger and Administrative Agent for the financing, while HSBC and Santander Corporate & Investment Banking participated as Joint Lead Arrangers.
The financing will support the next three sections of Doral Renewables’ flagship Mammoth Solar project. Specifically, the newly funded phases include three 300-megawatt ground-mounted, single-axis photovoltaic systems known as Mammoth South, Mammoth Central I, and Mammoth Central II. These three segments, which total 900 MW of capacity, will be built in Pulaski County, Indiana. This work follows completion of the first segment of the project, the 400 MW Mammoth North installation in Starke County, which was finalized in July 2024.
With financing now secured and EPC contracts in place, the remaining phases of Mammoth Solar move into the next stage of development as Doral Renewables advances its plans for the massive renewable energy complex in Indiana.
