IHI Power Services Corp. Inks Two Asset Management Deals With Doral Renewables

Rhea-AI Summary

IHI Power Services Corp. (IPSC) has secured asset management contracts with Doral Renewables for two significant renewable energy projects: the Mammoth North Solar Project in Starke County, Indiana, and the Great Bend Solar Project in Meigs County, Ohio. Mammoth North, a 400 MW facility, is the first phase of the $1.5 billion Mammoth Solar Project, expected to be operational in Q3 2024. The Mammoth Solar Project will ultimately generate 1.3 GW, supporting 275,000 homes. Great Bend, a 48 MW plant, will begin construction this year and is slated to be operational by the end of 2025, contributing $400,000 in annual tax revenue and bolstering local economies.

Doral is developing over 13 GW of renewable projects nationwide, with $2.5 billion in long-term power purchase agreements. IPSC's asset management expertise aligns with Doral's sustainability goals, making this partnership vital for optimizing renewable assets and promoting sustainable communities.

Positive

• IPSC secures asset management contracts for significant renewable projects: Mammoth North (400 MW) and Great Bend (48 MW).
• Mammoth North, part of the $1.5 billion Mammoth Solar Project, scheduled for Q3 2024 operation.
• Mammoth Solar Project to generate 1.3 GW, supporting 275,000 homes.
• Great Bend Solar Project set to be operational by end of 2025, providing $400,000 in annual tax revenue.

Negative

• None.

Insights

Financial Analyst

The agreements between IHI Power Services Corp. (IPSC) and Doral Renewables LLC for asset management of the Mammoth North and Great Bend Solar Projects demonstrate significant financial importance for both entities. By securing management roles in these projects, IPSC stands to benefit from long-term revenue streams, enhancing its financial stability and growth prospects.

From an investment perspective, the $1.5 billion Mammoth Solar Project and the subsequent $400,000 in annual tax revenues from the Great Bend Solar Project signify strong economic impacts. Investors should note that Doral's commitment to over 13 GW of solar and storage projects, paired with $2.5 billion in long-term power purchase agreements, underscores the substantial market opportunities within the renewable energy sector.

Market Research Analyst

The renewable energy market is undergoing rapid transformation and the collaboration between IPSC and Doral Renewables exemplifies this shift. The strategic focus on asset management for large-scale solar projects can enhance operational efficiencies, reduce costs and improve overall project performance. This is especially critical as the renewable energy sector continues to emphasize sustainability and reliability.

Moreover, the Mammoth Solar Project's potential to generate 1.3 GW of power, supporting around 275,000 homes, highlights the growing demand for renewable energy solutions. Investors should consider the long-term implications of such projects on both regional and national energy landscapes, along with the expected economic benefits for local communities, like job creation and tax revenue generation.

Renewable Energy Expert

The IPSC and Doral Renewables partnership is a notable development in the renewable energy industry. It showcases the increasing importance of effective asset management in large-scale renewable projects. By optimizing the performance and efficiency of the Mammoth North and Great Bend Solar Projects, IPSC can significantly contribute to the sustainability goals of these initiatives.

Additionally, the segmentation of the Mammoth Solar Project into four phases is a strategic approach that allows for phased investment and risk distribution. With the first phase expected to be operational by Q3 2024, stakeholders can anticipate a progressive ramp-up in energy output and associated economic benefits. This phased approach provides a roadmap for investors to monitor progress and adjust their strategies accordingly.

IPSC to Provide Asset Management Services for Mammoth North and Great Bend Solar Projects

ALISO VIEJO, Calif.--(BUSINESS WIRE)-- IHI Power Services Corp. (IPSC), a leading provider of O&M, asset management, remote operations, and compliance services to power generation and other energy industries across the U.S., has been tapped by Doral Renewables LLC (Doral) to provide asset management services for two major renewable projects—Mammoth North Solar Project, a 400 MW generation facility located in Starke County, Ind. and Great Bend Solar Project, a 48 MW plant in Meigs County, Ohio.

The Mammoth North Solar Project, scheduled for commercial operation in Q3 2024, is the first phase of Doral’s Mammoth Solar Project. When completed, the Mammoth Solar Project will generate a staggering 1.3 GW of power—enough clean energy to support approximately 275,000 homes. One of the largest solar developments in the country, this $1.5 billion project is segmented into four phases: Mammoth North Solar, followed by Mammoth South Solar and Mammoth Central Solar I & II, which are expected to enter full construction in Q1 of 2025.

Doral’s Great Bend Solar Project will also break ground this year and is expected to be online by the end of 2025, bringing an additional $400,000 in annual tax revenues, ample new job creation and economic growth to support local businesses and the Meigs County community as a whole.

“Doral Renewables’ trust in IPSC to support its Mammoth North and Great Bend solar projects underscores our proven ability to deliver the highest level of asset management—a service offering that we’ve been intentional in prioritizing and building out in recent years,” said John Keller, CEO of IPSC. “Our expertise in optimizing renewable assets aligns perfectly with Doral’s vision of fostering sustainable communities and we are eager to contribute to the success of one of the largest solar projects in the United States while further reinforcing our commitment to excellence in the clean energy sector.”

A leader in the renewables space, Doral is currently developing over 13 GW of solar and storage projects across the country, with over $2.5 billion in long-term wholesale power purchase agreements already in place.

“IPSC’s asset management team has consistently delivered outstanding results, making them a valued and enduring partner in our renewable energy endeavors,” added Amit Nadkarni, Vice President of Project Management at Doral Renewables. “Their support has been beneficial in helping us carry out our vision to empower communities by creating a more sustainable future and this partnership reflects our full confidence in the organization’s ability to strengthen our development initiatives.”

To learn more, visit: https://www.ihipower.com/ and https://doral-llc.com/.

About IPSC: IHI Power Services Corp.’s (IPSC) parent company, IHI Corporation, based in Tokyo, Japan, is a heavy industrial manufacturing and services company with a proud heritage that dates back to 1853. IPSC, IHI Corporation’s largest U.S. company with 600+ employees, provides operations, maintenance, asset management, remote operations, compliance and support services to the U.S. power generation, in addition to other energy industries. The IPSC team of energy professionals delivers value-added services based on expertise gained through years of hands-on experience in the power generation industry. IPSC delivers its services on the foundation of minimizing operational risks, capturing market opportunities, and maximizing asset value while maintaining a safe work setting that is environmentally compliant. That foundation assures the success of every project we operate and manage.

For more information visit: www.ihipower.com and follow IPSC on LinkedIn.

About Doral Renewables: Doral Renewables is a Philadelphia-based renewable energy developer, owner, and operator of renewable energy assets, operating all over the United States. It has a solar and storage development portfolio of over 13 GW, including 1.3 GW under construction, and is operating in 18 states and across 9 electricity markets. Doral Renewables has over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers. The company has a global management and leadership that includes the Doral Group, Migdal Group and Clean Air Generation, with further financial backing from Apollo Global Management (NYSE: APO).

For more information, visit https://doral-llc.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240708803840/en/

Leslie Licano, Beyond Fifteen Communications, Inc.

leslie@beyondfifteen.com | 949-733-8679 x 101

Source: IHI Power Services Corp.

FAQ

What new contracts has IHI Power Services Corp. secured?

IHI Power Services Corp. has secured asset management contracts for the Mammoth North Solar Project in Indiana and the Great Bend Solar Project in Ohio.

When will the Mammoth North Solar Project be operational?

The Mammoth North Solar Project is scheduled to be operational in Q3 2024.

What is the capacity of the Mammoth North Solar Project?

The Mammoth North Solar Project has a capacity of 400 MW.

What is the total capacity of the Mammoth Solar Project?

The Mammoth Solar Project will have a total capacity of 1.3 GW when completed.

How much power will the Mammoth Solar Project generate?

The Mammoth Solar Project will generate enough power to support approximately 275,000 homes.

What economic benefits will the Great Bend Solar Project bring?

The Great Bend Solar Project will contribute $400,000 in annual tax revenue and support local economic growth.

How many megawatts is the Great Bend Solar Project?

The Great Bend Solar Project has a capacity of 48 MW.

When will the Great Bend Solar Project be operational?

The Great Bend Solar Project is expected to be operational by the end of 2025.