Doral Renewables LLC (“Doral Renewables”) announced the successful
close of a project debt financing package to support initial
construction of the remaining phases of its Mammoth Solar complex
located in Northern Indiana. KeyBanc Capital Markets acted as
Coordinating Lead Arranger and Administrative Agent, and HSBC and
Santander Corporate & Investment Banking acted as Joint Lead
Arrangers for the $285 million financing, which consists of a $200
million construction loan facility and $85 million of additional
support via letters of credit. Simultaneously with this financing,
the projects entered into Engineering, Procurement and Construction
(EPC) Agreements with Bechtel, an American construction company
that is one of the largest in the world.
The remaining phases of Mammoth include three 300 MW (900 MW
overall) ground-mounted single-axis photovoltaic (PV) systems –
Mammoth South, Mammoth Central I, and Mammoth Central II – located
in Pulaski County, Indiana. This announcement follows the
completion of construction on the first phase of the Mammoth
complex, the 400 MW Mammoth North project located in Starke County,
Indiana, which occurred in July. Each of the Mammoth Solar project
sections have secured Power Purchase Agreements (PPA) with leading
investor-owned utilities via which the project will generate
long-term energy and renewable energy certificate revenues.
Mammoth Solar is also at the center of Doral Renewables’
agrivoltaics initiatives, which include integrating on-site
livestock grazing and crop cultivation, allowing local farmers to
continue their farming operations, maximizing land use, and
generating additional value. In recognition of these efforts, the
Mammoth Solar project was named the Dual Use Plan of the Year at
the inaugural North American Agrivoltaics Awards in July. At the
same time, the State of Indiana presented a proclamation declaring
July 9th as Agrivoltaics Day forever in Indiana.
“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,” said Evan Speece, Chief
Financial Officer at Doral Renewables. “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 on our mission.”
“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.
“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,” said Amit Nadkarni, Doral Renewables’
SVP, Project and Asset Management. “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.”
Kelley Brown, Bechtel’s Operations Manager of Renewables &
Clean Power said: “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 labor. We look
forward to collaborating with unions and being good neighbors 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.”
McDermott Will & Emery served as legal counsel to Doral and
Norton Rose Fulbright LLP served as legal counsel to the lenders in
connection with the financing transaction.
About Doral Renewables LLC
Doral Renewables is a Philadelphia-based
renewable energy developer, owner, and operator of renewable energy
assets, operating all over the United States. It has a solar and
storage development portfolio of over 13 GW, including 400 MW on
the verge of operation and over 900 MW under construction, and is
operating in 18 states and across 10 electricity markets. Doral
Renewables has over $2.5 billion in long-term wholesale power
purchase agreements with U.S. customers. The company has a global
management and leadership that includes the Doral Group, Migdal
Group, Clean Air Generation, with further financial backing from
Apollo Global Management (NYSE: APO).
About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate
and investment bank providing capital markets and advisory
solutions to dynamic companies capitalizing on opportunities in
changing industries. Our deep industry expertise, broad
capabilities and unique ideas are seamlessly delivered to companies
across the Consumer & Retail, Diversified Industries,
Healthcare, Industrial, Oil & Gas, Real Estate, Utilities,
Power & Renewables, and Technology verticals. With over 800
professionals across a national platform, KeyBanc Capital Markets
has more than $50 billion of capital committed to clients and an
award-winning Equity Research team that provides coverage on nearly
500 publicly traded companies. Securities products and services are
offered by KeyBanc Capital Markets Inc., member FINRA/SIPC, and its
licensed securities representatives, who may also be employees of
KeyBank N.A. Banking products and services, are offered by KeyBank
N.A.
About HSBC
HSBC Bank USA, National Association (HSBC Bank
USA, N.A.) serves customers through Wealth and Personal Banking,
Commercial Banking, Private Banking, Global Banking, and Markets
and Securities Services. Deposit products are offered by HSBC Bank
USA, N.A., Member FDIC. It operates Wealth Centers in: California;
Washington, D.C.; Florida; New Jersey; New York; Virginia; and
Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC
USA Inc., a wholly-owned subsidiary of HSBC North America Holdings
Inc.
HSBC Holdings plc, the parent company of HSBC,
is headquartered in London. HSBC serves customers worldwide from
offices in 60 countries and territories. With assets of US$2,975bn
at 30 June 2024, HSBC is one of the world’s largest banking and
financial services organizations.
About Santander Corporate & Investment
Banking
Santander Corporate & Investment Banking (Santander
CIB) is Santander’s global division that supports
corporate and institutional clients, offering tailored services and
value-added wholesale products suited to their complexity and
sophistication, as well as to responsible banking standards that
contribute to the progress of society.
About Bechtel
Bechtel is a trusted engineering, construction
and project management partner to industry and government.
Differentiated by the quality of our people and our relentless
drive to deliver the most successful outcomes, we align our
capabilities to our customers’ objectives to create a lasting
positive impact. Since 1898, we have helped customers complete more
than 25,000 projects in 160 countries on all seven continents that
have created jobs, grown economies, improved the resiliency of the
world's infrastructure, increased access to energy, resources, and
vital services, and made the world a safer, cleaner place.
Bechtel serves the Energy; Infrastructure; Manufacturing &
Technology; Mining & Metals; and Nuclear, Security &
Environmental markets. Our services span from initial planning and
investment, through start-up and operations. www.bechtel.com
Contacts
Media Inquiries: Ran Rabi, ranrabi@doral-llc.com
Financing Inquiries: Evan Speece, espeece@doral-llc.com