By Andi Anderson
Doral Renewables has secured US$1.3 billion in financing for its large-scale solar development in Pulaski County, Indiana.
The funds will support three major projects—Mammoth South, Mammoth Central I, and Mammoth Central II—each with a 300MW capacity. These are part of the larger Mammoth Solar facility, expected to reach 1.3GW once completed.
This financing includes US$412 million in construction-to-term loans, US$614 million in tax equity bridge loans, and a US$259 million letter of credit facility. KeyBanc Capital Markets, Banco Santander, and HSBC Bank led the debt financing.
Construction is underway, and the projects are expected to begin commercial operations by the fourth quarter of 2026. All three are backed by long-term power purchase agreements with major utility providers.
The projects will use over one million solar modules made in the United States and include approximately 20,000 tons of steel manufactured in Indiana. Ground-mounted single-axis tracking systems will be installed to maximize energy production.
A unique feature of Mammoth Solar is the integration of agrivoltaics—a dual-use model that allows traditional farming activities to continue alongside solar energy production. Doral plans to support livestock grazing and food production beneath and around the solar panels.
“This is a landmark financing for Doral,” said Evan Speece, CFO of Doral Renewables. “We’re proud to grow our partnerships and deepen our commitment to combining renewable energy with agriculture.”
Marathon Capital Markets served as the tax equity advisor for the deal, and McDermott Will & Emery provided legal support.
The Mammoth Solar project, first announced in 2021, highlights Doral’s commitment to clean energy and rural community development.
Photo Credit: istock-shansekala
Categories: Indiana, Energy