Business
Doral Renewables Secures Nearly $900 Million of Financing Commitments for Construction of Cold Creek Solar + Storage Project
Doral Renewables LLC ("Doral"), a leading, U.S. utility-scale solar and battery storage developer and independent power producer, announced today the successful financial close for the Cold Creek Solar + Storage project in Schleicher and Tom Green Counties in Texas.
About this update from Banco Santander, S.a.
[{"type":"text","content":"PHILADELPHIA, March 24, 2026 /PRNewswire/ -- Doral Renewables LLC ("Doral"), a leading, U.S. utility-scale solar and battery storage developer and independent power producer, announced today the successful financial close for the Cold Creek Solar + Storage project in Schleicher and Tom Green Counties in Texas.","length":326,"tagName":"p"},{"type":"image","alt":"Doral Renewables (PRNewsfoto/Doral Renewables LLC)","displaySize":"","headline":null,"caption":"Doral Renewables (PRNewsfoto/Doral Renewables LLC)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":200,"url":"https://media.zenfs.com/en/prnewswire.com/fc6d42689d47acae2f9b1030612e29b8"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/91dXg4FnsSNyDztJiG6TSQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM1Mw--/https://media.zenfs.com/en/prnewswire.com/fc6d42689d47acae2f9b1030612e29b8","width":400,"height":200}},"href":"https://mma.prnewswire.com/media/2690292/Doral_Renewables_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"This 430 MWac solar generation + 340 MWh storage project marks Doral's largest venture to reach construction financing, behind the 1.3 GW Mammoth Solar complex in northwest Indiana. The project's forecasted generation will be able to power the equivalent of nearly 66,000 homes. Full construction has now begun with Notice to Proceed ("NTP") issued this month; commercial operation is expected in summer of 2028.","length":430,"tagName":"p"},{"type":"text","content":"MUFG acted as Lead Arranger for the transaction, with Santander, HSBC, Ally, and IDB rounding out the syndicate of debt providers. The debt facilities are comprised of over $400 million of construction-to-term financing, close to $35 million of tax equity bridge loan financing, and approximately $55 million of Letters of Credit. The project will also monetize $360 million of Production Tax Credits through a 10-year PTC Tax Credit Transfer Agreement with an investment-grade rated corporate buyer.","length":500,"tagName":"p"},{"type":"text","content":""We are delighted to announce the close of these financings for Cold Creek," said Evan Speece, Chief Financial Officer at Doral Renewables LLC. "Partnering with such a robust lender group led by MUFG and expanding our network with new collaborators whi...