Doral Renewables Secures Nearly $900 Million of Financing Commitments for Construction of Cold Creek Solar + Storage Project

PHILADELPHIA, March 24, 2026 /PRNewswire/ -- Doral Renewables LLC ("Doral"), a leading, U.S. utility-scale solar and battery storage developer and independent power producer, announced today the successful financial close for the Cold Creek Solar + Storage project in Schleicher and Tom Green Counties in Texas.

This 430 MWac solar generation + 340 MWh storage project marks Doral's largest venture to reach construction financing, behind the 1.3 GW Mammoth Solar complex in northwest Indiana. The project's forecasted generation will be able to power the equivalent of nearly 66,000 homes. Full construction has now begun with Notice to Proceed ("NTP") issued this month; commercial operation is expected in summer of 2028.

MUFG acted as Lead Arranger for the transaction, with Santander, HSBC, Ally, and IDB rounding out the syndicate of debt providers. The debt facilities are comprised of over $400 million of construction-to-term financing, close to $35 million of tax equity bridge loan financing, and approximately $55 million of Letters of Credit. The project will also monetize $360 million of Production Tax Credits through a 10-year PTC Tax Credit Transfer Agreement with an investment-grade rated corporate buyer.

"We are delighted to announce the close of these financings for Cold Creek," said Evan Speece, Chief Financial Officer at Doral Renewables LLC. "Partnering with such a robust lender group led by MUFG and expanding our network with new collaborators while also closing the PTC Transfer transaction positions us well for continued growth. This project will be a cornerstone for our future work across the Lone Star State."

"We are proud to support Doral Renewables on the Cold Creek Solar + Storage project, which underscores our commitment to standing alongside clients as they advance critical infrastructure," said Louise Pesce, Head of North American Power, Project Finance, MUFG. "Projects like Cold Creek play an important role in strengthening U.S. energy independence while helping meet growing power demands with reliable, utility‑scale solutions. MUFG is pleased to work with Doral and the broader lender group to deliver unique financing solutions that support long‑term growth."

McDermott Will & Schulte served as legal counsel to Doral with respect to both the construction financing and the PTC Transfer, while Norton Rose Fulbright acted as counsel to the lenders. Marathon Capital served as financial advisor to Doral in connection with the PTC transfer, while White & Case served as counsel to the PTC buyer, with Stonehenge Capital providing syndication and asset management services to the PTC buyer.

About Doral Renewables 

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 close to 1,500 MW under construction. Doral Renewables operates in 15 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. 

SOURCE Doral Renewables LLC