| Work Detail |
Bechtel has been selected by Doral Renewables to deliver three critical phases of the Mammoth Solar project in Indiana, one of the largest solar energy developments in the United States. The announcement was made this week via an official press release from Bechtel. The engineering and construction firm will spearhead the design, engineering, and construction of Mammoth South, Mammoth Central I, and Mammoth Central II. Together, these three photovoltaic power plants will provide 900 megawattsAC of clean energy — a significant share of the 1.3 gigawattAC total capacity planned for the full Mammoth Solar complex. In a related development, Doral Renewables LLC also announced the successful closing of $1.5 billion in project financing to support the construction of the three plants, which are located in Pulaski County, Indiana. Each facility will have a capacity of 300 megawattsAC, and once operational, the trio is expected to generate enough electricity to power approximately 275,000 households annually. Initial construction activities began earlier this year. Now, with Doral issuing Bechtel a Full Notice to Proceed (FNTP), permanent construction efforts are moving into full gear. These include the installation of solar panels, power cables, and substations necessary for long-term energy delivery. Once completed, the Mammoth Solar project will boost Indiana’s solar generation capacity by more than 20%, playing a key role in advancing the nation’s clean energy infrastructure. What we reported in the past: The Mammoth Solar Project has secured a crucial injection of funding to the tune of US392m. The funds were secured by Israel based developer, Doral Renewables LLC . The funds were secured through the Deutsche Bank AG, New York Branch. The financial package comprises of a tax equity bridge loan worth $170 million, and a construction-to-term loan facility for $157 million. The package in addition includes a letter of credit facility worth $65 million. Doral also signed a tax equity commitment transaction worth $157 million for the project. Marathon Capital Markets LLC stood in as Doral’s exclusive financial advisor for the latter tax equity commitment. Mammoth Solar project fact sheet Cost of Mammoth Solar project: US$1.5 Billion No of phases: 3 Phases No of solar panels: 2.85 million solar panels Power generation: 1GW Area covered: 13000 acres Remarks on this milestone According to Doral’s Chief Financial Officer, Evan Speece, the funds will enable the Mammoth North Solar project to commence operations in 2023, as planned. Speece further said that the company was looking forward working with its financial partners to provide clean energy from Mammoth and other future solar projects to customers across the U.S The Deutsche Bank’s head of Infrastructure & Energy Financing and Structuring, also commented on this milestone. He said that the bank was excited about partnering with Doral, and providing such a world class development team with support on a Solar project. This he said shows Deutsche Bank’s commitment to Sustainable Financing. Mammoth North Solar project overview The 400MW Mammoth North Solar project involves the installation of a ground-mounted, single-axis photovoltaic system. The electricity generated, in accordance with Doral’s Renewable Energy Certificate (REC), will be sold to AEP Energy Partners Inc. The purchase will be based on the long term purchase agreement signed between Doral and AEP Energy. Once the Mammoth Solar project is completed, the power supply would be enough for up to 75,000 homes per year. The Mammoth North Solar project is the initial phase of Doral’s $1.5 billion solar farm project. The latter is being developed on a 4,500 acre-site situated within the northwestern region of PJM (Pennsylvania, New Jersey, and Maryland). Other Solar projects are also being developed around the neighboring Mammoth Central and Mammoth South regions. Altogether the projects will bring Doral’s energy capacity for the market to 1.3 GW AC. |
