Doral Renewables Closes Financing for 430 MWac Solar Project in Texas

Doral Renewables LLC announced the financial close of the Cold Creek Solar + Storage project, located in Schleicher and Tom Green Counties in Texas. The installation combines 430 megawatts AC (MWac) of photovoltaic generation with 340 megawatt-hours (MWh) of battery storage. This solar-plus-storage format is gaining traction globally, as illustrated by Meralco PowerGen's delivery of 85 MW of solar power to the Luzon grid in the Philippines. The project marks Doral's largest venture to reach construction financing, behind the 1.3 gigawatt (GW) Mammoth Solar complex in northwest Indiana. Construction officially commenced in March 2026 following the issuance of the Notice to Proceed (NTP); commercial operation is expected in summer 2028.

A five-lender syndicate and $360 million in tax credits

MUFG acted as lead arranger, with Santander, HSBC, Ally and IDB completing the debt syndicate. The debt facilities comprise over $400 million in construction-to-term financing, close to $35 million in tax equity bridge loan financing, and approximately $55 million in letters of credit. The project will also monetize $360 million in Production Tax Credits (PTC) through a 10-year PTC Tax Credit Transfer Agreement with an investment-grade rated corporate buyer.

Evan Speece, Chief Financial Officer of Doral Renewables LLC, stated that the financing positions the company well for continued growth in Texas. Louise Pesce, Head of North American Power, Project Finance at MUFG, noted that the project plays an important role in strengthening U.S. energy independence while helping meet growing power demand. According to Doral's projections, the plant will be capable of powering the equivalent of nearly 66,000 homes. The company describes Cold Creek as a cornerstone for its future operations across the state.