Doral Renewables secures over $103 million in final funding for Great Bend Solar project in Ohio

Doral Renewables completed final funding for its Great Bend Solar project located in Meigs County, Ohio, securing over $103 million in total capital. The financing package included more than $27 million in tax equity investment, with Fifth Third Bank participating in this component. Additionally, approximately $33 million in term debt was issued by HSBC and KeyBank, alongside an $8 million letter of credit facility provided by HSBC. The project also generated $35 million from the sale of investment tax credits to an unnamed third-party buyer. This funding milestone enabled the repayment of over $38 million in construction debt, bringing the project into operation. The Great Bend Solar project is expected to generate enough clean electricity to power more than 9,000 homes and contribute over $400,000 annually in new tax revenue to Meigs County.

Counterparts (4)

Lender

Fifth Third Bank

company

Fifth Third Bank is a diversified financial services company headquartered in Cincinnati, Ohio. They provide commercial lending and other financial services, including project finance, to companies operating in the infrastructure sector.

HSBC

company · 6 deals

HSBC is one of the world’s largest banking and financial services organisations. Their strategy supports their ambition to be the most trusted bank globally, putting customers at the heart of everything they do. They are focused on long-term, sustainable growth, focused on areas of their competitive strengths.

KeyBank

company

KeyBank is a regional bank that provides financial services, including lending and investment banking, to a variety of sectors. They participate in infrastructure projects through financing and advisory roles.

borrower

Doral Renewables

company

Doral Renewables is a renewable energy developer focused on developing and operating large-scale solar, wind, and storage projects. They aim to provide clean energy solutions and contribute to a sustainable energy future.