Doral arranges funds for 900 MW of solar in Indiana

US renewable energy company Doral Renewables LLC has arranged a USD-285-million (EUR 258.2m) financing package to support the initial construction of the remaining three 300-MW phases of the Mammoth Solar complex located in Northern Indiana.

After commissioning the first phase of the 1.3-GW project in Starke County in July, Doral has now secured debt financing for the other three systems totalling 900 MW. The sites -- Mammoth South, Mammoth Central I, and Mammoth Central II, are located in Pulaski County.

The Philadelphia-based firm arranged the funds with the assistance of KeyBanc Capital Markets, HSBC, and Santander Corporate & Investment Banking. The package includes a USD-200-million construction loan facility and USD 85 million of additional support via letters of credit.

Doral further announced in the Tuesday statement that it has selected Bechtel as the engineering, procurement and construction (EPC) contractor for the three solar parks. The first phase was built by SOLV Energy.

All four systems within the Mammoth Solar complex have power purchase agreements (PPAs) in place with investor-owned utilities.

(USD 1 = EUR 0.906)

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