Doral Renewables LLC, a prominent player in the renewable energy sector based in Philadelphia, has secured a substantial USD 400 million minority equity investment from APG, representing the largest Dutch pension fund ABP.
In addition to the equity investment, APG will provide up to an additional USD 185 million in corporate credit support and funding to bolster Doral Renewables' business activities.
“This investment will accelerate the development and construction of our robust pipeline,” stated Doral Renewables in a statement released on Monday. The company specializes in forming partnerships with farming communities across the United States and boasts a solar and storage development portfolio exceeding 13 gigawatts (GW).
Among its projects, Doral Renewables currently has 1.35 GW under construction and plans to break ground on approximately 2 GW of mature projects within the next year. These developments include phases of the Mammoth Solar complex in Indiana and projects across the MISO, ERCOT, and SERC markets.
With this investment, APG becomes the largest individual shareholder in Doral Renewables, underscoring a strategic alignment aimed at advancing renewable energy initiatives in the United States.
Doral Renewables is the US subsidiary of Israel's Doral Group, supported by investors including Migdal Group, Clean Air Generation, and Apollo Global Management.
