Doral Renewables closes $114 million debt financing for solar project

By Marisa Wong

Los Angeles, March 21 – Doral Renewables LLC closed construction debt financing for its Great Bend Solar project, according to a press release.

HSBC acted as sole lender for the $114 million financing for the project, which consisted of a $36 million construction-to-term loan facility, a $57 million tax equity bridge loan and a $21 million letter-of-credit facility.

Great Bend Solar is located on 370 acres in Meigs County, Ohio. The project will be a ground-mounted single-axis PV system with 48 MWac of solar power capacity.

The construction and operation of Great Bend Solar will represent Doral’s first such investment in Ohio. The project will generate energy and renewable energy certificate revenue via a long-term power purchase agreement with one of the largest investor-owned utilities in the United States, according to the release. Doral said it expects that the facility will power about 9,000 homes once in operation and that the project will provide over $400,000 per year of new annual tax revenue to Meigs County.

Doral Renewables is a Philadelphia-based renewable energy company.

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