Doral obtains funds for 400-MW solar project in Indiana

Doral Renewables LLC, owned by Israeli renewable energy company Doral Group (TLV:DORL), said today it has successfully closed construction financing for the first phase of the 1.3-GW Mammoth Solar project in Northwestern Indiana.

The New York branch of Deutsche Bank AG has arranged a USD-392-million (EUR 375m) financing package consisting of a USD-157-million construction-to-term loan facility, a USD-170-million tax equity bridge loan and a USD-65-million letter of credit facility.

At the same time, Doral has signed a nearly USD-175-million tax equity commitment for the project from Bank of America NA, with Marathon Capital Markets LLC serving as exclusive financial advisor for Doral.

The funding supports the 400-MW Mammoth North section of the larger project that is located on 4,500 acres in Starke County, Indiana. It is designed to be a ground-mounted single-axis PV system that can supply about 75,000 Midwestern homes once in operation.

Upon completion, the solar park will be selling its electricity to AEP Energy Partners, a unit of American Electric Power Co Inc (NASDAQ:AEP).

According to CFO Evan Speece, the newly secured capital will allow the company to bring Mammoth North to commercial operation as expected next year.

(USD 1.0 = EUR 0.957)

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