Mammoth Solar complex expands with $285 million financing deal

US-based Doral Renewables LLC recently secured $285 million in project debt financing to advance the remaining phases of its Mammoth Solar complex in Northern Indiana. According to Doral, KeyBanc Capital Markets served as the Coordinating Lead Arranger and Administrative Agent, with HSBC and Santander Corporate & Investment Banking as Joint Lead Arrangers. The financing comprises a $200 million construction loan facility and $85 million in letters of credit support. This funding will facilitate the development of three additional 300 MW solar projects, ultimately expanding the Mammoth Solar complex to 1,300 MW. The first phase, the 400 MW Mammoth North, was completed in July. The company claims each phase has secured power purchase agreements with leading utilities, ensuring long-term revenue. McDermott Will & Emery provided legal counsel to Doral, while Norton Rose Fulbright LLP represented the lenders.