FinancingClosedPress / newsMarch 24, 2026

Cold Creek Solar + Storage — 430 MWac solar + 340 MWh battery storage, Schleicher and Tom Green Counties, Texas

Doral Renewables closes nearly $900M in financing for Cold Creek Solar + Storage (430 MWac solar + 340 MWh BESS) in Schleicher and Tom Green Counties, TX. Financing includes $400M+ construction-to-term loan, $35M tax equity bridge, $55M LCs, and $360M PTC transfer to an undisclosed investment-grade corporate buyer (10-year agreement). Marathon Capital served as PTC financial advisor; White & Case and Stonehenge Capital advised PTC buyer. Lender counsel: Norton Rose Fulbright; developer counsel: McDermott Will + Emery. NTP issued March 2026; COD expected Summer 2028. Doral backed by Doral Group, Migdal Group, Clean Air Generation, APG, and Apollo Funds.

Share on LinkedIn Source: PR Newswire / Doral Renewables →

$900M

Deal Value

430MW

Capacity

340MWh

Storage

Solar

Technology

Location

Project: Cold Creek Solar + StorageAsset profile →

MarketsTexas Solar ERCOT

Deal Details

Deal Type: Project Finance
Seller / Sponsor: Doral Renewables LLC
Buyer / Financier: MUFG (Lead Arranger); Santander; HSBC; Ally; IDB
Deal Value: ~$900M
Stage: Under Construction
ISO/RTO: ERCOT
Source: PR Newswire / Doral Renewables

Capital Structure

$850M

Total transaction value

Debt$490M58%

Tax Equity$360M42%

Tranches

Construction-to-Term Loan · MUFG (Lead Arranger); Santander, HSBC, Ally, IDB: $400M
Tax Equity Bridge Loan · MUFG-led syndicate: $35M
Letter of Credit · MUFG-led syndicate: $55M
PTC Transfer (Production Tax Credits) · 10-year PTC Transfer Agreement (Marathon Capital advisor): $360M