Doral Renewables announced today that it has closed tax equity financing for its Great Bend solar project, situated in Meigs County, Ohio. The project is expected to achieve commercial operations by Q4 2025. Once complete, it will provide enough clean energy to power about 9,000 homes. Great Bend’s solar power generating capacity is 48 megawatts alternating current (MWac). This facility in turn has the potential to generate energy and create economic opportunities through the sale of renewable energy certificates.
The third project — Great Bend, Ohio — is about 100 miles due southeast of Columbus, near the Ohio-West Virginia border. It is an excellent example of a ground mounted single axis photovoltaic (PV) system. Doral Renewables just recently secured a long-term power purchase agreement (PPA) with one of the largest investor-owned utilities in the US. This transfer ensures the project has a reliable source of revenue.
The economic impact for the soon-to-be-formed Metropolitan Statistical Area are huge. Great Bend’s project will produce more than $400,000 annually in new tax revenue. This new surge will be a major economic driver for the pipeline communities! Beyond direct monetary impacts, the project benefits the community through job creation and revitalizing sectors across Meigs County.
Evan Speece, Chief Financial Officer of Doral Renewables said, “We are excited to be doing this deal with Fifth Third Bank.
“We are excited to partner with Fifth Third for the first time via this tax equity commitment to our Great Bend solar project. As we continue to bring a significant number of projects at scale to construction and operations, partnerships such as these are indelible to our success. We look forward accordingly to making this transaction a foundation for future growth in our relationship with Fifth Third.” – Evan Speece, Doral Renewables chief financial officer
Jon Stark, Managing Director and Group Head of Renewables at Fifth Third Bank expressed his enthusiasm for the partnership.
“We are proud to support Doral as lead on the tax equity financing for Great Bend.” – Jon Stark, Fifth Third corporate banking managing director and group head of renewables
The Great Bend solar project is positioned as a key player in advancing renewable energy in Ohio while fostering economic growth in Meigs County. In many ways, as the project gets closer to implementation, it will start to fulfill its intent. This success will hopefully set a precedent for more renewable efforts across the region.