Doral Advances Texas Energy Project with $900M Financing Package
Doral Renewables LLC, a Philadelphia-based utility-scale developer and independent power producer, has closed nearly $900 million in financing for its Cold Creek solar-plus-storage project in Texas.
The project, located in Schleicher and Tom Green Counties, combines 430 MWac of solar generation with 340 MWh of battery energy storage. It is expected to provide electricity for approximately 66,000 homes and is scheduled to reach commercial operation by summer 2028.
Financing was led by MUFG, with a lending syndicate that included Santander, HSBC, Ally, and the Inter-American Development Bank (IDB). The structure includes construction-to-term financing, tax equity bridge loans, and letters of credit.
In addition, the project will monetize $360 million in Production Tax Credits through a 10-year tax credit transfer agreement with a corporate buyer.
The developer issued a Notice to Proceed this month, marking the start of full construction.
“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,” said Evan Speece, Chief Financial Officer at Doral Renewables LLC. “This project will be a cornerstone for our future work across the Lone Star State.”
The Cold Creek project is part of Doral’s broader expansion in the ERCOT market and adds to its portfolio of renewable energy assets across the United States.
