Great Bend Solar project in Ohio : Doral Renewables secures $114m financing
Doral Renewables LLC has announced the closure of a significant construction debt financing deal, valued at $114 million, for its Great Bend Solar project. The financing arrangement was facilitated by HSBC, serving as the sole lender for the project. This deal is broken down into three main components: a $36 million construction-to-term loan facility, a $57 million tax equity bridge loan, and a $21 million letter of credit facility.
Located on 370 acres in Meigs County, Ohio, approximately 100 miles southeast of Columbus, Great Bend Solar represents a landmark investment for Doral Renewables in the state. The project is designed as a ground-mounted single-axis photovoltaic (PV) system and boasts a solar power capacity of 48 MWac. Once operational, it is expected to generate enough energy to power approximately 9,000 homes, significantly contributing to the region’s clean energy supply. Additionally, the project will create over $400,000 per year in new annual tax revenue for Meigs County, enhancing local public services and infrastructure.
The financing agreement marks a milestone in the partnership between Doral Renewables and HSBC, reflecting both parties’ commitment to supporting premier renewable energy projects. Paul Snow, Head of Renewables, Americas at HSBC, expressed pride in supporting Doral Renewables and acknowledged the collaboration with their world-class team. This initiative aligns with HSBC’s global commitment to facilitating a net zero economy.
Evan Speece, Chief Financial Officer at Doral Renewables, highlighted the importance of this collaboration with HSBC, noting the innovative project debt will bring Great Bend Solar to commercial operation by the end of 2025. Speece emphasized the project’s significance as Doral Renewables’ first venture in Ohio, indicating a positive outlook for future collaborations aimed at delivering clean energy across the United States.
The partnership between Doral Renewables and HSBC for the Great Bend Solar project illustrates the growing trend of financial institutions playing a crucial role in advancing renewable energy initiatives. The financing structure provides a robust model for future projects, underscoring the importance of private sector involvement in achieving clean energy goals. As Doral Renewables expands its portfolio, such strategic financial partnerships are vital for the development of sustainable energy solutions that benefit both local communities and the broader goal of a net zero global economy.