Doral Renewables secures financing for final Mammoth Solar phases
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Pennsylvania-based Doral Renewables LLC said Monday it has closed on construction project financing for the final phases of its $1.5 billion Mammoth Solar project in Pulaski County.
The company said the Mammoth South, Mammoth Central I and Mammoth Central II projects are all slated to be complete in the fourth quarter of 2026.
Each project is expected to be able to generate 300 megawatts of electricity. They’re part of the overall Mammoth Solar effort, which will generate enough power to support about 275,000 homes annually, Doral says.
The $1.3 billion in construction debt financing was arranged through KeyBanc Capital Markets Inc. in Cleveland, Ohio; Banco Santander S.A. in Spain; and HSBC Bank USA N.A in New York.
“We are thrilled to close these landmark financings in support of the construction of the remaining three phases of our Mammoth Solar project,” Doral Chief Financial Officer Evan Speece said in a news release. “Each of the three banks leading the debt financing is a repeat partner for Doral and we could not be happier to broaden our relationships with them.”
Doral said the final three projects will utilize about 20,000 tons of Indiana steel and more than 1 million U.S.-made solar modules. Each will also feature agrivoltaics, in which grazing animals help with vegetation management on the site.
The first phase of Mammoth Solar, known as Mammoth North, began commercial operations on Starke County last July.