Doral Renewables LLC (Doral Renewables) has successfully closed construction debt financing for its pioneering Great Bend Solar project, with HSBC serving as the sole lender. The $114 million financing package comprises a $36 million construction-to-term loan facility, a $57 million tax equity bridge loan, and a $21 million letter of credit facility.
Situated across 370 acres in Meigs County, Ohio, approximately 100 miles southeast of Columbus, Great Bend Solar will feature a ground-mounted single-axis PV system boasting 48 MWac of solar power capacity. Representing Doral’s inaugural investment in Ohio, the project is set to generate energy and renewable energy certificate revenue through a long-term Power Purchase Agreement (PPA) with one of the largest investor-owned utilities in the U.S. Once operational, Great Bend Solar is anticipated to power approximately 9,000 homes and contribute over $400,000 per year in new tax revenue to Meigs County.
Paul Snow, Head of Renewables, Americas at HSBC, expressed pride in supporting Doral Renewables and emphasized HSBC’s commitment to financing premier renewables projects. James Gallagher, Head of International Banking USA at HSBC, underscored the significance of the collaboration, highlighting HSBC’s ambition to facilitate a net-zero global economy.
Evan Speece, Chief Financial Officer at Doral Renewables, conveyed excitement about the partnership with HSBC, acknowledging the instrumental role of the innovative project debt in advancing Great Bend Solar. Speece emphasized Doral’s dedication to delivering clean energy solutions to customers nationwide and expressed anticipation for future collaborations with HSBC and financing partners.
This comprehensive financing arrangement marks a significant milestone for Doral Renewables, propelling the realization of the Great Bend Solar project and furthering the company’s commitment to sustainable energy development in the United States.
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