A unit of Doral Group Renewable Energy Resources Ltd, listed as DORL on the Tel Aviv Stock Exchange, has finalized a USD 114 million (EUR 105.1m) construction debt financing package to support its first solar investment in Ohio.
The 48-MW Great Bend solar project, located in Meigs County, is set to be developed as a ground-mounted single-axis photovoltaic (PV) system.
Expected to be operational by the end of 2025, the Great Bend solar project will generate enough electricity to power approximately 9,000 homes. The 370-acre site has already secured a long-term power purchase agreement (PPA) with one of the largest investor-owned utilities in the United States.
The financing package, arranged by HSBC, comprises a USD 36 million construction-to-term loan facility, USD 57 million in tax equity bridge loans, and a USD 21 million letter of credit facility, according to a statement from the company.
