Dutch APG invests USD 400m in US developer Doral Renewables

Philadelphia-based renewable energy company Doral Renewables LLC has attracted a USD-400-million (EUR 372.8m) minority equity investment from Dutch pension solutions provider APG on behalf of the largest Dutch pension fund ABP.

APG will also provide up to a further USD 185 million of corporate credit support and funding for the company’s business over time.

Doral Renewables said on Monday the investment will accelerate the development and construction of its pipeline. The company, which specialises partnerships with farming communities across the US, has a solar and storage development portfolio of over 13 GW. This includes 1.35 GW of projects under construction and about 2 GW of mature projects set to break ground in the next 12 months. The under-construction and mature projects span the remaining three phases of the Mammoth Solar complex in Indiana and more projects in the MISO, ERCOT and SERC markets.

According to the announcement, APG is now the largest individual shareholder in Doral Renewables. The company is the US arm of Israel’s Doral Group, with its backers including Migdal Group, Clean Air Generation and Apollo Global Management.

(USD 1 = EUR 0.932)

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