- Doral Renewables secured a $400M investment from APG on behalf of Dutch pension fund ABP and up to $185M in additional corporate credit support.
- The funds will accelerate Doral’s 13 GW solar and storage pipeline, including 1.35 GW under construction and 2 GW of mature projects starting soon.
- APG becomes the largest individual shareholder in Doral Renewables, which partners with US farming communities to develop renewable energy projects.
Philadelphia-based Doral Renewables LLC attracted a $400 million (EUR 372.8 million) equity investment from APG, representing the Dutch pension fund ABP. APG also committed up to $185 million in corporate credit support and future funding.
On Monday, Doral Renewables, the US arm of Israel’s Doral Group, announced the investment. The funds will speed up Doral’s development and construction of over 13 GW solar and storage projects. This portfolio includes 1.35 GW under construction and about 2 GW of mature projects set to begin within 12 months.
Doral’s current and upcoming projects cover the remaining phases of the Mammoth Solar complex in Indiana and other developments in the MISO, ERCOT, and SERC markets. APG’s investment makes it the largest individual shareholder in Doral Renewables.
Doral Renewables partners with farming communities across the US to develop renewable energy projects. The company focuses on large-scale solar and energy storage solutions.
Doral’s portfolio features advanced and ongoing projects to enhance energy reliability and sustainability. Its primary focus is the Midwest and southern US, where it aims to expand renewable energy capacity and integrate storage solutions.
Doral Renewables’ parent company, Doral Group, is a prominent Israeli energy firm with significant investments from Migdal Group, Clean Air Generation, and Apollo Global Management. Doral’s US division is critical in expanding the company’s reach in the North American renewable energy market.
APG’s investment significantly boosts Doral’s expansion plans. The company will enhance its project development pipeline and accelerate construction timelines, aligning with the growing demand for renewable energy infrastructure and the US shift to sustainable energy sources.
APG’s backing shows confidence in Doral’s ability to deliver large-scale renewable projects. This investment also indicates rising international interest in US renewable energy markets, driven by favourable regulatory conditions and market opportunities.
Doral Renewables aims to leverage this investment to advance its mission of providing clean and reliable energy solutions. The company plans to build on its partnerships with farming communities to expand its footprint and strengthen its role in the US energy transition.
(USD 1 = EUR 0.932)