Doral Group secures financial close for 400 MW Mammoth North solar project in Indiana

Doral Group, through its unit Doral Renewables LLC, has secured a financial close for the 400 MW Phase 1 of the Mammoth Solar project located in Starke County, Indiana, USA.

Deutsche Bank AG, New York Branch has acted as sole bookrunner, sole structuring bank, and mandated lead arranger for the US$392 million financing package for the project, which consisted of a US$157 million construction-to-term loan facility, a US$170 million tax equity bridge loan, and a US$65 million letter of credit facility. This financing scheme was supported by Bayerische Landesbank, and the National Bank of Canada acting as Lead Managers with Banco de Sabadell S.A, Comerica Bank, Intesa Sanpaolo S.p.A., and Metropolitan Life Insurance Company rounding out the syndicate for the debt and letter of credit facilities. 

Completing the financial close is a nearly US$175 million tax equity commitment for the project from Bank of America. Marathon Capital served as the exclusive financial advisor for Doral in these transactions. 

Once operational, the 400 MW solar project will generate energy and renewable energy certificate revenue through its long-term Power Purchase Agreement (PPA) with the subsidiary of American Electric Power, AEP Energy Partners, Inc.