$900M Secured for Cold Creek Solar Project Near San Angelo

SAN ANGELO, TX — Doral Renewables has closed nearly $900 million in financing and issued a notice to proceed for the Cold Creek Solar + Storage project in Tom Green and Schleicher counties. 

The 430 MWac solar facility with 340 MWh of battery storage is expected to begin commercial operation in summer 2028. MUFG led the financing syndicate, which included Santander, HSBC, Ally and IDB. The package features more than $400 million in construction-to-term debt, about $35 million in tax equity bridge financing, $55 million in letters of credit, and a $360 million production tax credit transfer agreement. 

The project marks Doral’s second-largest financing to date, behind its 1.3 GW Mammoth Solar complex in Indiana.

“This project will be a cornerstone for our future work across the Lone Star State,” said Evan Speece, Doral Renewables’ chief financial officer. 

Doral’s solar and storage development portfolio now totals nearly 18 GW, with about 450 MW in operation and close to 1,500 MW under construction.