Doral Renewables LLC announced the closing of a $1.5bn project financing to support the construction of the Mammoth South, Mammoth Central I and Mammoth Central II photovoltaic power plants, located in Pulaski County, Indiana. Each plant will have a generation capacity of 300 megawatts alternating current, totalling 900 megawatts out of the 1.3 gigawatts planned for the Mammoth Solar complex. Once operational, the facilities are expected to supply electricity to approximately 275,000 households annually.
Multi-tier structured financing
The financing includes $412mn in construction-to-term loans, $614mn in tax equity bridge loans and $259mn in credit facilities, according to a statement released by Doral on May 15. KeyBanc Capital Markets Inc., Banco Santander S.A. and HSBC Bank USA N.A. acted as lead coordinators for the debt financing. Simultaneously, Truist Bank committed more than $200mn in tax equity for the Mammoth South project.
“We are thrilled to finalise these strategic financings for the final three phases of our Mammoth Solar project,” said Evan Speece, Chief Financial Officer of Doral Renewables LLC. He added that each institution involved was already a recurring partner of Doral in previous operations.
Economic impact for Indiana
The three sites will be built with ground-mounted single-axis structures, using approximately 20,000 tons of Indiana-produced steel and more than one million US-made solar modules. All projects are backed by long-term power purchase agreements with energy suppliers and are expected to reach commercial operations in the fourth quarter of 2026.
Doral also plans to implement dual-use agricultural practices (agrivoltaics), including livestock grazing and food production on site—an initiative previously awarded in North America.
Partner network and legal support
Marathon Capital Markets acted as tax equity advisor, while McDermott Will & Emery provided legal counsel to Doral for both debt and tax equity financing. On the lenders’ side, Norton Rose Fulbright delivered legal services. Truist Bank was advised by CCA Group and Milbank LLP for its tax equity structuring.
“We are proud to continue supporting Doral in delivering major projects for the energy sector in the United States,” said Paul Snow, Head of Renewables, Americas at HSBC.
