Doral Renewables has secured $285 million in financing for the three remaining phases of the Mammoth Solar complex in Northwest Indiana.
The project will include three 300 megawatt ground-mounted single-axis photovoltaic systems in Pulaski County.
“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,” said Amit Nadkarni, Doral Renewables’ SVP, project and asset management, in a press release.
In July, the company celebrated the completion of the first phase of the project, Mammoth North Solar, in Knox. It has a 400 MW capacity.
The financing for the next phases is a joint venture with the help of KeyBanc Capital Markets, HSBC and Santander Corporate & Investment Banking. The package includes $200 million for construction and $85 million in letters of credit.
“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,” said Evan Speece, chief financial officer at Doral Renewables, in a press release.
Doral also procured the services of Bechtel for engineering, procurement and construction for Mammoth South, Mammoth Central I and Mammoth Central II. SOLV Energy built the first phase.
“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,” said Kelley Brown, Bechtel’s operations manager of renewables and clean power. “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.”
Virginia-based Bechtel was founded in 1898 and has completed more than 25,000 projects.
“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,” Nadkarni said. “Together, we are committed to upholding the highest standards of quality, safety and environmental stewardship.”
Doral Renewables' Mammoth Solar project has also committed a total of $315,000 in economic development payments to Pulaski County by the end of the year. The funds will come in advance of tax revenue from the project.
“We are committed to maintaining a strong and lasting partnership with Pulaski County throughout the lifecycle of the Mammoth Solar project,” said Ed Baptista, vice president of development and agrivoltaics at Doral Renewables. “This includes ongoing collaboration with local leaders to ensure that the project continues to meet the needs and expectations of the community.”
Nathan Origer, executive director of the Pulaski County Community Development Commission, said he is confident the project will help bring economic prosperity to the county.
“Solar energy represents a great step forward in economic diversification for both our community at large and the participating landowners,” Origer said. “We look forward to working closely with our partners at Doral as Mammoth Solar becomes an economic asset and a catalyst for positive change in Pulaski County.”
Philadelphia-based Doral Renewables has a total capacity for solar and storage development of 13 gigawatts in 18 states and 10 markets. U.S. customers have agreed to purchase $2.5 billion in wholesale power from the company.
