Doral Renewables closed a project debt financing package to support initial construction of the remaining phases of its Mammoth Solar complex located in Northern Indiana. KeyBanc Capital Markets acted as coordinating lead arranger and administrative agent, and HSBC and Santander Corporate & Investment Banking acted as joint lead arrangers for the $285 million financing, which consists of a $200 million construction loan facility and $85 million of additional support via letters of credit.

Simultaneously with this financing, the projects entered into engineering, procurement and construction (EPC) agreements with Bechtel, an American construction company.

“We are proud to have delivered this crucial and novel structure in which this financing serves as a bridge to the eventual permanent construction financing,” Evan Speece, chief financial officer at Doral Renewables, said. “And notably, we have done so with a fantastic team of lenders at KeyBank, Santander and HSBC, who will continue to serve as important financial partners as we continue to execute on our mission.”

“We are pleased to continue our relationship with the experienced management team at Doral Renewables,” Nadav Hazan, vice president of KeyBanc Capital Markets’ utilities, power and renewable energy group, said. “Mammoth Solar will be the largest standalone solar portfolio in the U.S., and we are thrilled to serve as coordinating lead arranger for this credit facility to help accelerate the assets’ construction.”

“The Mammoth Solar Project not only marks a significant milestone in Doral’s journey but also represents a major opportunity for Pulaski County by creating hundreds of jobs during construction, contributing to the economic and environmental well-being of the region,” Amit Nadkarni, senior vice president, project and asset management at Doral Renewables, said. “We are thrilled to partner with Bechtel, a company with over a century of experience, for the execution of the rest of the Mammoth Solar facility. Bechtel brings an unparalleled level of expertise to the table, and their culture of delivering high-quality EPC services makes them the ideal partner for this ambitious project. Together, we are committed to upholding the highest standards of quality, safety, and environmental stewardship.”

“We’re delighted that Doral has chosen Bechtel to deliver the remaining three phases of Mammoth Solar, one of the biggest solar projects in the U.S.,” Kelley Brown, operations manager of renewables and clean power at Bechtel, said. “One of the keys to the success of building a project of this scale is working closely with the local building trades to provide the necessary skilled labor. We look forward to collaborating with unions and being good neighbors and active community members to maximize the positive social impact, including through local job creation, as we construct these facilities to generate a further 1.1 gigawatts of clean renewable power.”

McDermott Will & Emery served as legal counsel to Doral and Norton Rose Fulbright served as legal counsel to the lenders in connection with the financing transaction.