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Marathon Capital Advises Doral Renewables on Construction Financing and Tax Equity Advisory for Mammoth North

June 15, 2022

  • Felipe Arrazola

    Managing Director

Marathon Capital, LLC (“Marathon Capital”) is pleased to announce it has advised Doral Renewables LLC (“Doral”) on its construction project financing for Mammoth North, the first phase of Doral’s broader Mammoth Solar project. Mammoth North is located on 4,500 acres in Starke County, Indiana, in the northwestern region of PJM.

The project will be a ground-mounted single axis PV system with 400 MWac of solar power capacity. Doral is also developing the nearby Mammoth Central and Mammoth South projects which, together with Mammoth North, will bring 1.3 GWac of capacity to market as one of the country’s largest collective solar farms.

Deutsche Bank AG, New York Branch acted as sole bookrunner, sole structuring bank and mandated lead arranger for the $392 million financing for the project, which consisted of a $157 million construction-to-term loan facility, a $170 million tax equity bridge loan, and a $65 million letter of credit facility. Bayerische Landesbank, New York Branch and National Bank of Canada acted as Lead Managers with Banco de Sabadell, S.A, Miami Branch, Comerica Bank, a Texas banking association, Intesa Sanpaolo S.p.A., New York Branch, and Metropolitan Life Insurance Company rounding out the syndicate for the debt and letter of credit facilities.

The closing was completed simultaneously with Doral’s signing of a nearly $175 million tax equity commitment for the project from Bank of America N.A.

Marathon Capital acted as exclusive advisor to Doral on the construction debt and tax equity transactions.



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