Doral Renewables secures tax equity financing for solar project

Fifth Third Bank committed to invest up to US$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 in 2025.

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 photovoltaic (PV) system and, once completed, it will have a 48 MWac of solar power generating capacity. Doral expects that the facility will power approximately 9000 homes once in operation.

The project will generate revenue both from energy and renewable energy certificates via a long-term power purchase agreement with one of the largest investor-owned utilities in the US. Furthermore, the Great Bend project will provide a major economic uplift for the Meigs County, with over US$400 000 per year of new annual tax revenue. Doral Renewables expects that the Great Bend project will reach commercial operations during 4Q25.

Jon Stark, Corporate Banking Managing Director and Group Head of Renewables at Fifth Third, responded: “We are proud to support Doral as lead on the tax equity financing for Great Bend. 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 US renewables pipeline.”

Evan Speece, CFO at Doral Renewables, added: “We are excited to partner with Fifth Third for the first time via this tax equity commitment to our Great Bend solar project. As we continue to bring a 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.”

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