Apollo Management(US:APO) Prnewswireยท2025-05-15 15:24Core Insights - Doral Renewables LLC has successfully closed construction project financing for three solar projects in Indiana, part of the larger 1.3 GW Mammoth Solar facility, which will power approximately 275,000 households annually [1][2] Financing Details - The total construction debt financing amounts to $1.3 billion, comprising $412 million in construction-to-term loan facilities, $614 million in tax equity bridge loans, and a $259 million letter of credit facility [3] - Doral has secured an additional tax equity commitment exceeding $200 million for the Mammoth South project from Truist Bank [3] Project Specifications - The Mammoth South, Central I, and Central II projects will utilize ground-mounted single-axis PV systems and approximately 20,000 tons of Indiana steel, contributing tens of millions of dollars to the local economy [2] - Over 1 million US-made solar modules will be used in these projects, which are expected to reach commercial operations in the fourth quarter of 2026 [2] Agrivoltaics Initiative - Doral plans to implement agrivoltaics practices in the project area, allowing for the integration of farming activities such as livestock grazing and food production [2] - The agrivoltaics efforts have been recognized as the "Dual-Use Plan of the Year" at the North American Agrivoltaics Awards [2] Partnerships and Relationships - KeyBanc Capital Markets, Banco Santander, and HSBC acted as Coordinated Lead Arrangers for the financing, highlighting their ongoing relationships with Doral [3][4] - Doral's CFO expressed satisfaction with the partnerships and the successful financing, indicating a strong foundation of trust with the banks involved [4][5] Company Overview - Doral Renewables operates a renewable energy portfolio of nearly 18 GW across 22 states, with a focus on community engagement and agrivoltaics practices [7] - The company has secured over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers [7]