“Doral Renewables has finalized the funding structure for its 48 MW Great Bend Solar project in Meigs County, Ohio, with Fifth Third Bank completing Substantial Completion funding to bring total tax equity investment above $27 million. This milestone follows the project’s entry into commercial operation earlier this year, enabling clean energy delivery to the PJM grid sufficient to power over 9,000 U.S. homes while generating more than $400,000 in annual tax revenue for the local community.”
Great Bend Solar Project Reaches Full Financial Close with Key Funding Milestones
The Great Bend Solar project, a 48 MWac utility-scale solar facility developed by Doral Renewables in southeastern Ohio, has now achieved its final funding close. Located along the Great Bend of the Ohio River in Meigs County, near the West Virginia border, the project connects to the PJM Interconnection transmission system and contributes meaningfully to the region’s growing renewable energy portfolio.
This recent completion involves the closing of the Tax Credit Transfer, the Substantial Completion funding from tax equity partner Fifth Third Bank, and the term conversion of existing facilities. Together, these steps mark the project’s full financial maturity post-construction. The Substantial Completion funding from Fifth Third Bank finalized the tax equity commitment, elevating the total tax equity investment in the project to more than $27 million.
Earlier financing arrangements laid the groundwork for this success. In 2024 and 2025, Doral Renewables secured construction debt from HSBC as sole lender for approximately $114 million. Tax equity commitments were locked in during spring 2025, with Fifth Third Bank initially pledging up to $30 million to monetize production and investment tax credits under applicable federal incentives. These layered financings—debt, tax equity, and subsequent adjustments—enabled seamless progression from groundbreaking to operational status.
Construction on the site began in May 2024, with PCL Construction serving as the engineering, procurement, and construction (EPC) contractor. The project reached Substantial Completion in December 2025, followed by placement in service and commercial operation shortly thereafter in early 2026. Now fully operational, Great Bend Solar generates approximately 48 megawatts of direct current capacity, translating to reliable clean electricity output optimized for the regional grid.
The facility’s energy production is sufficient to supply the equivalent annual electricity needs of more than 9,000 average American households. This output supports broader decarbonization goals in the PJM market, where demand for renewable resources continues to rise amid evolving energy policies and corporate sustainability commitments.
Beyond energy generation, the project delivers substantial economic benefits to Meigs County. Over its operational lifespan, Great Bend Solar is projected to contribute more than $400,000 per year in new property tax revenue. These funds bolster local government services, including schools, infrastructure maintenance, and public safety programs in a rural area that stands to gain from diversified economic activity.
The development also supported job creation during the construction phase, drawing on local and regional labor for installation, civil works, and electrical integration. As an operational asset, it continues to offer indirect economic ripple effects through ongoing maintenance needs and community engagement.
Great Bend represents Doral Renewables’ first operational solar project in Ohio and underscores the company’s expanding footprint in utility-scale renewables across the United States. With a pipeline focused on solar and energy storage, the developer leverages strategic financing structures to accelerate deployment in key markets.
The project’s completion of final funding arrives at a time when solar development in the Midwest benefits from improved access to capital, enhanced grid interconnection processes, and sustained federal support for clean energy investments. By securing these layered financial commitments, Doral Renewables has positioned Great Bend as a model for efficiently bringing large-scale solar online while maximizing value for investors, utilities, and host communities.
Key Project Details
Capacity : 48 MWac
Location : Meigs County, Ohio (along the Ohio River)
Grid Operator : PJM Interconnection
Developer/Owner : Doral Renewables
EPC Contractor : PCL Construction
Construction Start : May 2024
Substantial Completion : December 2025
Commercial Operation : Early 2026
Tax Equity Investor : Fifth Third Bank (total investment >$27 million post-final funding)
Construction Debt Provider : HSBC
Annual Tax Revenue to Meigs County : >$400,000
Equivalent Homes Powered : >9,000
This final funding milestone solidifies the project’s long-term viability and reinforces momentum in Ohio’s transition toward greater renewable integration.
Disclaimer : This is a news report based on publicly available information about renewable energy developments. It is for informational purposes only and does not constitute financial, investment, or legal advice.
