Doral Renewables’ Mammoth South and Central

Overview

Deal Type Debt Capital Markets
Size $285 Million
Senior Secured Credit Facilities
Client & Transactional Partners Doral Renewables’ LLC
Our Role Coordinating Lead Arranger
Sole Bookrunner
Administrative Agent
Collateral Agent
Depositary Agent

Summary

On August 29, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed $285 million in Senior Secured Credit Facilities for Doral Renewables’ Mammoth South and Central projects in Pulaski County, Indiana. Together with its sister project, Mammoth North, these projects will comprise the largest standalone solar portfolio in the U.S. The funds will accelerate the construction of the portfolio over the next 12 months, with plans for a larger construction-to-term financing solution. KBCM acted as Coordinating Lead Arranger, Sole Bookrunner, Administrative Agent, Collateral Agent, and Depositary Agent.

The Portfolio consists of three utility-scale standalone solar projects (Mammoth South, Mammoth Central I, and Mammoth Central II), totaling 900 megawatt (MW) alternating current (AC)/1,128 MW direct current (DC). All three projects are expected to reach commercial operations by March 2027. Once operational, the complete Mammoth Solar portfolio, including Doral Renewables’ Mammoth North project in Starke County, Indiana, will have a nameplate capacity of 1.3 gigawatts (GW) and power ~275,000 households annually.

Doral Renewables Overview:
Headquartered in Philadelphia, Doral Renewables is a developer, owner, and operator of utility-scale solar, co-located solar and storage, and standalone storage projects across North America. Doral Renewables’ solar and storage development portfolio totals more than 13 GW, including 1.3 GW under construction, and operates in 18 states across 10 electricity markets and has over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers.

Doral Renewables has global leadership and investments from the Doral Group (TASE: DORL.TA), Migdal Group, and Clean Air Generation, with further financial backing from Apollo Global Management (NYSE: APO), a leading global asset manager. In June 2024, Doral Renewables announced a $400 million minority equity investment on behalf of the largest Dutch pension fund, ABP, which looks after the pensions of 4.6 million participants and manages approximately 569 billion euros in pension assets.

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

Recent Deals

July 2026

us fertility

$1.068 Billion

Senior Secured Credit Facilities

Joint Lead Arranger
Joint Bookrunner
Administrative Agent

us-fertility-senior-secured-credit
July 2026

Forgent Power Solutions, Inc.

$2.5 Billion

Follow-On Offering

Joint Bookrunner

forgent
June 2026

smileamericapartners

acquired by

kaltroco

Sell-Side Advisor

smile-america-partners-kaltroco
June 2026

California Resources Corporation

$550 Million

Senior Notes

Joint Bookrunner

california-resource
June 2026

nutrisense

acquired by

dexcom

Financial Advisor

nutrisense-dexcom
May 2026

vsp

$500 Million

5.4% Senior Notes Due 2033

$500 Million

5.65% Senior Notes Due 2036

Active Joint Bookrunner

vsp-issues-public-bonds
May 2026

seatgeek

$200 Million

Senior Secured Credit Facilities

Left Lead Arranger
Joint Bookrunner
Administrative Agent

seatgeek
May 2026

Forgent Power Solutions, Inc.

$2.3 Billion

Follow-On Offering

Joint Bookrunner

forgent-power
May 2026

elevate infrastructure

a portfolio company of

arclight capital

$173.4 Million

Senior Secured Credit Facilities

Joint Lead Arranger
Administrative Agent
Collateral Agent
Depository Bank

elevate-infrastructure
May 2026

National Fuel Gas Company

$500 Million

Senior Notes due 2029

$500 Million

Senior Notes due 2031

$500 Million

Senior Notes due 2036

Co-Manager

national-fuel-gas
May 2026

spg

$24 Million

Term Loan, Delayed Draw Term Loan, Revolving Line of Credit, Equipment Finance Line

Sole Lender

shared-practices-group
May 2026

pbf energy

$500 Million

Senior Notes

Co-Manager

pbf-energy
May 2026

flatiron search partners

Line of Credit

Sole Lender

flatiron-search-partners
May 2026

harvest midstream

$1 Billion

Senior Notes

Joint Bookrunner

harvest-midstream
May 2026

tokkion

acquired by

siris

Senior Secured Credit Facilities

takkion-group
May 2026

delek

$800 Million

Senior Notes

Co-Manager

delek-logistics-partners
May 2026

virtus

$200 Million

Senior Secured Credit Facilities

Joint Lead Arranger
Administrative Agent

virtus-real-estate-enhanced
April 2026

diversified energy company

$1.5 Billion

Senior Secured Credit Facility

Administrative Agent
Coordinating Lead Arranger
Sole Bookrunner
Joint Lead Arranger

diversified-energy
April 2026

the queen senior

The Queen Senior

Construction Loan

queen-senior
April 2026

the meadow on seneca

The Meadow on Seneca

$14.8 Million

Construction Loan

meadow-on-seneca
April 2026

yesway

$322 Million

Initial Public Offering

Joint Bookrunner

yesway
April 2026

lakeview at westpark

Lakeview at Westpark

$54 Million

FHA (Fixed-Rate Loan)

lakeview-at-westpark
April 2026

redding rancheria

$80 Million

Senior Secured Credit Facilities

Structuring Agent
Sole Lender

redding-rancheria
April 2026

caturus

$600 Million

Senior Notes

Joint Bookrunner

caturus-energy
April 2026

moosilauke vision

$30 Million

Term Loan & Revolving Line of Credit

Hedge Provider
Treasury Services

moosilauke-visions
March 2026

bcdsk

affiliated with

highmark

Financial Advisor

blue-cross-blue-shield-kansas-city
March 2026

wallkill living center

Wallkill Living Center

Equity Bridge Loan and LIHTC Equity

wallkill-living-center
March 2026

palm villas in red bluff

Palm Villas in Red Bluff

$32.7 Million

Construction Loan, Permanent Loan, and KCBM Swap Contract

palm-villas-red-bluff
March 2026

forgent

$1 Billion

Follow-On Offering

Joint Bookrunner

forgent-power-solutions
March 2026

modbox storage - piedmont

ModBox Storage - Piedmont

$7.1 Million

CMBS Fixed-Rate Loan

modbox-storage-piedmont
March 2026

andesa

acquired by

terminus

Exclusive Buy-Side Advisor

terminus-capital-partners
March 2026

dme express

acquired by

palladium equity partners

Sell-Side Advisor

dme-express-acquired-by-palladium-equity-partners

Connect With Us

Find an Expert