Doral Renewables Secures Tax Equity Financing for Great Bend Solar Project
PHILADELPHIA, April 29, 2025 /PRNewswire/ -- Doral Renewables LLC ("Doral Renewables") has successfully closed tax equity financing for its Great Bend solar project. Fifth Third Bank committed to invest up to $30 million of tax equity into the project. Doral Renewables and Fifth Third will also both receive proceeds from a tax credit transfer transaction to be completed later this year.
The Great Bend project is located in Meigs County, Ohio, approximately 100 miles southeast of Columbus, and near the southwestern border between Ohio and West Virginia. The project will be a ground-mounted single-axis PV system and once completed it will have 48 MWac of solar power generating capacity. Doral expects that the facility will power approximately 9,000 homes once in operation. The project will generate revenue both from energy and renewable energy certificates via a long-term Power Purchase Agreement (PPA) with one of the largest investor-owned utilities in the U.S. Furthermore, the Great Bend project will provide a major economic uplift for the Meigs County, with over $400,000 per year of new annual tax revenue. Doral Renewables expects that the Great Bend project will reach commercial operations during the fourth quarter of 2025.
"We are proud to support Doral as lead on the tax equity financing for Great Bend," said Jon Stark, corporate banking managing director and group head of renewables at Fifth Third. "Supporting premier platforms like Doral squarely fits our future growth, and we look forward to growing with Doral as they continue to execute on their high-quality U.S. renewables pipeline."
"We are excited to partner with Fifth Third for the first time via this tax equity commitment to our Great Bend Solar project," said Evan Speece, Chief Financial Officer at Doral Renewables. "As we continue to bring a significant number of projects at scale to construction and operations, partnerships such as these are indelible to our success. We look forward accordingly to making this transaction a foundation for future growth in our relationship with Fifth Third."
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 of over 16 GW, which includes 400 MW currently in operation and 950 MW under construction. Doral Renewables operates in 20 states and across seven electricity markets. With a strong focus on community engagement, we aim to integrate agrivoltaics practices throughout our pipeline, creating additional opportunities for farming communities. We have secured over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers. Our global management and leadership team includes the Doral Group (TASE: DORL), Migdal Group (TASE: MGDL), Clean Air Generation, APG, and Apollo Global Management (NYSE:APO). Learn more at doral-llc.com and follow us on LinkedIn and Facebook.
Contacts
Media Inquiries: Ran Rabi, [email protected]
Financing Inquiries: Evan Speece, [email protected]
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SOURCE Doral Renewables LLC