Doral Renewables Secures $525 Million of Surety-Backed Letter of Credit Financing

PHILADELPHIA, March 16, 2026 /PRNewswire/ -- Doral Renewables, a leading, U.S. utility-scale solar and battery storage developer and independent power producer, announced today that it has secured approximately $525 million of innovatively structured cross-border Letter of Credit facilities to support the continued growth of the company. The first transaction is an approximately $385 million Deferred Equity Contribution Guarantee ("DECG") Facility, and the second arrangement is an approximately $140 million All Purpose Guarantee ("APGF") Facility.

The DECG Facility will allow the Company to issue sponsor equity Letters of Credit to project financing (and similar) beneficiaries which simultaneously will enable prudent conservation of liquidity and heightened project-level rates of equity return. The APGF, along with certain other existing facilities maintained by the Company, will support primarily interconnection and power purchase agreement Letter of Credit postings across the Company's pipeline. The Company and the participating underwriters expect over time to upsize both facilities to support further growth.

"We are excited to close these pioneering Letter of Credit financings in support of the further advance of our growing portfolio of projects across the United States," said Evan Speece, Chief Financial Officer of Doral Renewables LLC. "We are particularly grateful to forge new cross-border financing relationships with the broker for these facilities, Howden CAP, as well as the six different international underwriters that participated collectively across these two facilities."

Howden Capital Advisory and Placement (CAP) served as the broker for these facilities, DLA Piper served as transaction counsel to the Company, and Norton Rose Fulbright served as counsel to the participating underwriters. Banco Bilbao Vizcaya Argentaria (BBVA) is serving as the primary intermediary Letter of Credit issuer and Global Loan Agency Services (GLAS) is serving as the process and security agent.

"We are delighted to have completed a long-term committed capital solution for Doral Renewables and their investors, maximizing the capital pool of the insurance market together with the capabilities of our banking partner BBVA," said James Souter, Managing Director of Howden CAP Surety.

About Doral Renewables LLC

Doral Renewables is a Philadelphia-based developer, owner, and operator of renewable energy assets throughout the United States. Our solar and storage development portfolio comprises nearly 18 GW, which includes nearly 450 MW currently in operation and 1,500 MW under construction. Doral Renewables operates in 16 states and across five electricity markets. With a strong focus on community engagement, we aim to integrate agrivoltaics practices throughout our pipeline, creating additional opportunities for farming communities. Our team of global partners includes the Doral Group, Migdal Group, Clean Air Generation, APG, and Apollo Funds. Learn more at doral-llc.com and follow us on LinkedIn and Facebook.

About Howden CAP Surety

Howden CAP Surety, a division of the Howden group provides a blend of insurance, banking and investment solutions to help manage and structure complex transactions whilst optimising client's capital. We are dedicated to advising clients on complex surety solutions to support growth, financing needs, and maximise capital efficiency. We have built a strategy of acting as a lead syndicator, arranger and advisor for bond facilities through leveraging the skills and expertise of our regional and sector specialists along with those with backgrounds in banking, corporate treasury and law.

SOURCE Doral Renewables LLC