Doral secures $1.3b for huge solar projects in Indiana

The new projects in Indiana will increase Doral’s production capacity in the state from 480 megawatts to 1,600 megawatts.

Doral Renewables LLC, the US arm of Israel’s biggest producer of energy from renewable sources, Doral Group Renewable Energy Resources (TASE: DORL)(Doral) has signed on the financial closing for the construction of two large solar energy projects in the state of Indiana. The agreement, worth $1.3 billion, is with a group of institutions that includes major banks HSBC, Santander, and KeyBank. The new projects in Indiana will increase Doral’s production capacity in the state from 480 megawatts to 1,600 megawatts.

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According to Doral, the Mammoth South and Mammoth Central projects in Indiana will constitute one of the largest solar developments in the US, where solar power production has advanced dramatically in recent years. About two-thirds of all new power production capacity in the US is from solar energy.

Besides the financial closing, Doral has signed an agreement with Truist Bank for investment as a "tax partner" in the Mammoth South project. The bank will invest up to $250 million, and in return will be entitled to federal tax benefits (ITC- Investment Tax Credit) and to participation in the project’s cash flow.

Doral is about to undergo a change of leadership. Yaki Noyman, who has served as CEO for the past twelve years, will join the board of directors, while his deputy, Yoni Hantis, will take over as CEO on June 1.

"Completion of the financing deal is a strategic milestone for Doral, and once more consolidates our standing as a highly significant player in the US energy market," Noyman said. "This is a clear expression of the confidence that financial institutions in the US place in Doral, and if our ability to carry out complex projects on an extraordinary scale. In an age in which the switch to renewable energy is a global necessity, we are proud to lead this trend in the US arena as well, with long-term investments and projects that will yield both economic and environmental value."

Dani Rinot, VP Corporate Development and Business Development North America at Doral, added, "This is one of the biggest and most complicated financing deals ever executed in the renewable energy filed in the US, and Doral is proud to continue leading the market together with our US partners."

Published by Globes, Israel business news - en.globes.co.il - on May 18, 2025.

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