Doral Renewables LLC has secured a new $100 million corporate Letter of Credit facility to support the development of its energy projects. This financial facility will primarily be used to cover new obligations related to interconnection and power purchase agreements (PPAs) that arise during the early stages of project development.
The newly secured facility adds to Doral’s existing $185 million in corporate Letter of Credit capacity, bringing its total available support to $285 million. This increased capacity strengthens the company’s ability to manage financial commitments as it continues to expand its portfolio of renewable energy projects. HSBC served as the sole arranger and issuing bank for this latest facility.
Kelly Chan Considine, Director, Global Network Banking US at HSBC, said in a statement, “We are pleased to deepen our relationship with Doral through this financing, and support Doral’s dedication to delivering large-scale renewable energy projects in the U.S. This transaction with Doral builds on the strong foundation we’ve established together. It reflects our confidence in their execution capabilities and the importance of supporting high-quality sponsors in the renewable energy space as the market continues to evolve” said James Gallagher, Head of Global Network Banking US at HSBC. “We look forward to further enhancing our relationship with Doral and excited to support their continued growth in 2025 and beyond.”
Evan Speece, Chief Financial Officer at Doral Renewables LLC, stated, “Doral is proud to have extended our relationship with HSBC by raising this new corporate Letter of Credit capacity which will enable us to continue efficient development of our project portfolio. In today’s renewable energy development climate, this type of credit support capacity is paramount to success and we appreciate HSBC’s support in bolstering our strength in this area.”
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