Doral Renewables Secures Debt Financing For the Great Bend Solar Project

Core Insights - Doral Renewables has secured $114 million in construction debt financing for the Great Bend Solar project, marking a significant step in its renewable energy initiatives [1][3] - The Great Bend Solar project will have a capacity of 48 MWac and is expected to power approximately 9,000 homes, contributing over $400,000 annually in tax revenue to Meigs County, Ohio [2][4] Company Overview - Doral Renewables LLC is based in Philadelphia and is part of a larger group that includes Doral Renewable Energy Resources Group, Migdal Group, and Clean Air Generation, with financial backing from Apollo Global Management [4] - The company is developing a portfolio of over 11 GWac of solar and storage projects across 18 states, with more than $2 billion in long-term power purchase agreements [4] Project Details - The Great Bend Solar project is located on 370 acres in Meigs County, Ohio, and will utilize a ground-mounted single-axis PV system [2] - The financing structure includes a $36 million construction-to-term loan, a $57 million tax equity bridge loan, and a $21 million letter of credit facility [1] Financial Partnership - HSBC acted as the sole lender for the financing, emphasizing its commitment to supporting renewable energy projects and enhancing its relationship with Doral Renewables [3][6] - The project is expected to reach commercial operation by the end of 2025, showcasing Doral's growth in the renewable energy sector [3]