Doral Renewables LLC has efficiently closed development venture financing for Mammoth North, the primary section of Doral’s broader Mammoth Solar venture.
Mammoth North is positioned on 4,500 acres in Starke County, Ind., within the northwestern area of PJM. The venture can be a ground-mounted, single-axis photovoltaic system with 400 MW AC of solar power capability.
Doral can also be creating the close by Mammoth Central and Mammoth South initiatives which, along with Mammoth North, will carry 1.3 GW AC of capability to market.
Deutsche Bank AG, New York Branch acted as sole bookrunner, sole structuring financial institution and mandated lead arranger for the $392 million financing for the venture, which consisted of a $157 million construction-to-term mortgage facility, a $170 million tax fairness bridge mortgage and a $65 million letter of credit score facility. Bayerische Landesbank, New York Branch and National Bank of Canada acted as lead managers with debt and letter of credit score services Banco de Sabadell S.A, Miami Branch; Comerica Bank, a Texas banking affiliation; Intesa Sanpaolo S.p.A., New York Branch; and Metropolitan Life Insurance Company. The closing was accomplished concurrently with Doral’s signing of an almost $175 million tax fairness dedication for the venture from Bank of America N.A. Marathon Capital Markets LLC acted as unique monetary advisor for Doral.
Mammoth North will generate energy and renewable energy certificates income by way of its long-term power buy settlement with AEP Energy Partners Inc., a subsidiary of American Electric Power.
“We are proud to support Doral with this financing and to have partnered with their world-class development team and furthered DB’s commitment to Sustainable Financing,” states Jeremy Eisman, head of infrastructure, energy financing and structuring at Deutsche Bank.
“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,” feedback Evan Speece, CFO at Doral Renewables LLC. “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.”