Doral Mammoth South & Central Solar

Overview

Size $1.3 Billion
Senior Secured Credit Facilities
Client & Transactional Partners Doral Renewables
Our Role Coordinating Lead Arranger
Sole Bookrunner
Administrative Agent
Collateral Agent
Depositary Agent

Summary

On May 15, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed on three facilities totaling $1.3 billion of Senior Secured Credit Facilities (the Facilities) for Doral Renewables’ Mammoth South and Central projects (Portfolio).

The Facilities comprise a $412 million Construction-to-Term Loan, $624 million in Tax Equity and Tax Credit Bridge Loans, and $259 million in Letters of Credit. This transaction will help fund construction of the 1.1 GW Portfolio and serves as the takeout to the KBCM-led bridge financing that closed in August 2024. KBCM acted as Coordinating Lead Arranger, Sole Bookrunner, Administrative Agent, Collateral Agent, and Depositary Agent.

The project is in Pulaski County, Indiana, and along with its sister project, Mammoth North, will form the largest standalone solar portfolio in the U.S. The project includes three utility-scale solar projects: Mammoth South, Mammoth Central I, and Mammoth Central II, totaling 1,128 MWdc. All three have long-term investment grade rated power purchase agreements and are expected to be operational by December 2026. Once operational, the Mammoth Solar portfolio will have a capacity of 1.3 GW and power approximately 275,000 households annually.

This represents the third transaction between Doral Renewables and KBCM.

Doral Renewables Overview
Headquartered in Philadelphia, Pennsylvania, Doral Renewables is a developer, owner, and operator of utility-scale solar, co-located solar and storage, and standalone storage projects across North America. The Company’s solar and storage development portfolio totals over 18 GW, including 400 MW in operation and 950 MW under construction. The Company operates in 22 states across seven 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, APG, which looks after the pensions of 4.6 million participants and manages approximately €544 billion in pension assets.

B I Deal Disclosure

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.

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