The Mammoth South, Mammoth Central I and Mammoth Central II projects are scheduled to begin commercial operations in fourth-quarter 2026, Doral Renewables says. (Source: Shutterstock)

Philadelphia-based Doral Renewables has closed on $1.5 billion of debt and tax equity financing for solar projects that are part of its 1.3-gigawatt Mammoth Solar facility, the company said May 19.

The construction financing is for the Mammoth South, Mammoth Central I and Mammoth Central II projects, which each have a capacity of 300 megawatts and long-term power purchase agreements with utilities in place. Combined, the three solar projects -- located in Indiana's Pulaski County -- will utilize more than 1 million U.S.-made solar panels, Doral said in the news release.

"We are thrilled to close these landmark financings in support of the construction of the remaining three phases of our Mammoth Solar project," Doral Renewables CFO Evan Speece said.

KeyBanc Capital Markets, Banco Santander and HSBC Bank USA acted as coordinated lead arrangers for the $1.3 billion construction debt financing for the projects, which consisted of $412 million of construction-to-term loan facilities, $614 million of tax equity bridge loans and a $259 million letter of credit facility, according to the release

Doral also executed its first tax equity with Truist Bank, which made a more than $200 million tax equity commitment for Mammoth South.

Marathon Capital Markets served as the tax equity advisor, while McDermott Will & Emery provided legal counsel to Doral. CCA Group served as the tax equity advisor and Milbank LLP provided tax equity legal counsel to Truist. Norton Rose Fulbright provided legal counsel to the lenders, according to the release.

The three solar projects are scheduled to begin commercial operations in fourth-quarter 2026.