U.S.-based Doral Renewables LLC has recently secured $1.5 billion in financing for the three phases of its Mammoth Solar project in Indiana.
With a total installed capacity of 1.3 gigawatts (GW), the financing covers the Mammoth South, Mammoth Central I, and Mammoth Central II projects, each with a capacity of 300 megawatts (MW). Notably, this development follows the launch of the 400 MW Mammoth North Solar project last summer, signaling a new phase in the project’s overall construction.
The financing package includes 1.3 billion in construction bebt provided by Key Bank Capital Markets, Santander Bank, and HSBC Bank USA, while Truist Bank contributed over 200 million in tax equity financing.
The project will utilize single-axis trackers and more than 1 million U.S.-manufactured photovoltaic (PV) modules. It has already secured power purchase agreements with leading utility companies and is expected to commence operations by the end of 2026. Once operational, Mammoth Solar will generate enough electricity to power approximately 275,000 households annually.
