Doral Renewables has closed construction project financing for a 400MW solar project in Indiana.
The Mammoth North project is the first phase of Doral’s Mammoth Solar project and it is located in in Starke County, in the north western region of PJM.
The project will be a ground-mounted single axis PV system and is slated to enter commercial operation in 2023.
Doral is also developing the nearby Mammoth Central and Mammoth South projects which, together with Mammoth North, will bring 1.3GW of capacity to market as one of the country’s largest collective solar farms.
Deutsche Bank in New York acted as sole bookrunner, sole structuring bank and mandated lead arranger for the $392m financing for the project, which consisted of a $157m construction-to-term loan facility, a $170m tax equity bridge loan, and a $65m letter of credit facility.
The closing was completed simultaneously with Doral’s signing of a nearly $175m tax equity commitment for the project from Bank of America.
Marathon Capital Markets acted as exclusive financial advisor for Doral.
Mammoth North will generate energy and renewable energy certificate revenue via its long-term PPA with AEP Energy Partners, a subsidiary of American Electric Power.
“Doral is thrilled to have collaborated with Deutsche Bank to raise this important piece of capital which will enable us to bring Mammoth North to commercial operation as expected in 2023,” said Evan Speece, chief financial officer at Doral Renewables.
He added: “We look forward to continuing to work with our financing partners to bring clean energy from the other stages of Mammoth, and the rest of our growing pipeline, to customers throughout the United States.”