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.
$900M
Deal Value
430MW
Capacity
340MWh
Storage
Solar
Technology
TX
Location
Deal Details
- Deal Type
- Project Finance
- Seller / Sponsor
- Doral Renewables LLC
- Buyer / Financier
- MUFG (Lead Arranger); Santander; HSBC; Ally; IDB
- Deal Value
- ~$900M
- Stage
- Construction
- ISO/RTO
- ERCOT
Service Providers
Advisory & Legal
- ptcAdvisor
- Marathon Capital
- ptcBuyerCounsel
- White & Case; Stonehenge Capital
- Lender Counsel
- Norton Rose Fulbright
- developerCounsel
- McDermott Will + Emery
Finance Counterparties
Lenders & Capital Providers
- Lead Arranger
- MUFG
- syndicate
- Santander; HSBC; Ally; IDB
- taxEquityBuyer
- Undisclosed investment-grade corporate buyer (PTC transfer)
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