Doral Renewables Secures $525 Million in Surety-Backed Financing

The financing will support the company's continued growth in utility-scale solar and battery storage projects across the U.S.

Mar. 16, 2026 at 6:00pm

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Doral Renewables, a leading U.S. utility-scale solar and battery storage developer and independent power producer, has secured approximately $525 million in innovatively structured cross-border Letter of Credit facilities. The financing includes a $385 million Deferred Equity Contribution Guarantee Facility and a $140 million All Purpose Guarantee Facility, which will support the company's growing portfolio of renewable energy projects across 16 states.

Why it matters

This financing deal highlights Doral Renewables' continued expansion in the U.S. renewable energy market, as the company aims to integrate agrivoltaics practices and community engagement into its pipeline of nearly 18 GW of solar and storage projects. The innovative financing structure allows Doral to conserve liquidity while boosting project-level equity returns.

The details

The DECG Facility will enable Doral to issue sponsor equity Letters of Credit to project financing beneficiaries, while the APGF will support interconnection and power purchase agreement Letter of Credit postings across the company's pipeline. Doral and the participating underwriters expect to upsize both facilities over time to support further growth.

  • Doral Renewables announced the financing deal on March 16, 2026.

The players

Doral Renewables

A Philadelphia-based developer, owner, and operator of renewable energy assets throughout the United States, with a portfolio comprising nearly 18 GW of solar and storage projects.

Evan Speece

Chief Financial Officer of Doral Renewables LLC.

Howden Capital Advisory and Placement (CAP)

The broker for the financing facilities.

Banco Bilbao Vizcaya Argentaria (BBVA)

The primary intermediary Letter of Credit issuer for the financing.

Global Loan Agency Services (GLAS)

The process and security agent for the financing.

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What they’re saying

“We are excited to close these pioneering Letter of Credit financings in support of the further advance of our growing portfolio of projects across the United States.”

— Evan Speece, Chief Financial Officer of Doral Renewables LLC

“We are delighted to have completed a long-term committed capital solution for Doral Renewables and their investors, maximizing the capital pool of the insurance market together with the capabilities of our banking partner BBVA.”

— James Souter, Managing Director of Howden CAP Surety

What’s next

Doral Renewables and the participating underwriters expect to upsize both the DECG Facility and the APGF over time to support the company's continued growth and expansion in the U.S. renewable energy market.

The takeaway

This financing deal demonstrates Doral Renewables' commitment to driving the growth of utility-scale solar and battery storage projects across the United States, while also highlighting the company's focus on community engagement and innovative financing solutions to support its ambitious renewable energy portfolio.