PHILADELPHIA, June 24, 2024 (GLOBE NEWSWIRE) -- Doral Renewables LLC (”Doral Renewables” or “the Company”), a leading U.S. developer, owner, and operator of renewable energy and storage projects, announced today a $400 million minority equity investment by Dutch pension APG on behalf of the largest Dutch pension fund ABP. The investment by and partnership with APG will accelerate the development and construction of Doral Renewables’ energy pipeline. As part of the transaction, APG will also provide its pro rata share of corporate credit support and funding for the Company’s business up to an additional $185 million of capital over time.
Doral Renewables is an Independent Power Producer (IPP) specializing in partnerships with farming communities across the U.S. to build large-scale, greenfield projects that meaningfully advance the energy transition. The Company is also an industry leader in agrivoltaics, where traditional farming practices are implemented in and around the solar farm to maximize land use, enhance biodiversity, preserve heritage farming and generate additional revenue streams and economic opportunities for local communities. The Company’s project pipeline totals over 13 GW and includes 1.35 GW of projects under construction and approximately 2 additional GW of mature projects slated to start construction within the next 12 months.
“In addition to the environmental benefits which our assets provide to the country, APG’s investment and stewardship will enable Doral Renewables to continue its efforts to standardize the “social” element of our Environment, Social and Governance (ESG) strategy by bringing traditional farming back through agrivoltaics” said Nick Cohen, Chief Executive Officer of Doral Renewables. “APG and Doral together believe that renewables can improve the environment, preserve the family farm and be a strong business proposition for all of our stakeholders.”
“We are thrilled to welcome APG as a partner and now the largest individual shareholder in our company,” said Evan Speece, Chief Financial Officer of Doral Renewables. “APG’s sophistication as an investor and its experience in the U.S. renewable energy market will, together with the strength and support of our existing partners, continue to propel our success. With over 3 GW of projects in the process of being commercialized over the coming few years, we are excited to enter this next phase of growth with APG’s backing.”
“This investment on behalf of ABP is very well aligned with our joint ambition to contribute to the energy transition globally,” said Steven Hason, Managing Director, Head of Americas Real Assets at APG. “We look forward to expanding our renewables portfolio and to working with Doral Renewables, a like-minded partner.”
Doral’s under-construction and mature projects include the remaining three phases of its Mammoth Solar complex in Indiana and additional projects in MISO, ERCOT, and SERC. The remaining 10 GW of Doral’s portfolio is comprised of solar, storage and solar-plus-storage projects across the PJM, MISO, SPP, TVA, ERCOT, NYISO, WECC and NEISO markets.
Truist Securities served as exclusive placement agent and Latham & Watkins LLP served as legal counsel to Doral in connection with the transaction. Scotiabank served as exclusive financial advisor and Norton Rose Fulbright LLP served as legal counsel to APG.
About Doral Renewables LLC
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 Renewable Group, Migdal Group, Clean Air Generation, with further financial backing from Apollo Global Management (NYSE: APO).
About APG
As the largest pension solutions provider in the Netherlands, APG looks after the pensions of 4.6 million participants. APG provides executive consultancy, asset management, pension administration, pension communication and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately €569 billion (December 2023) in pension assets. With approximately 4,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong and Singapore. Visit www.apg.nl/en for more information.
Doral Renewables Contacts
Media Inquiries: Ran Rabi, ranrabi@doral-llc.com
Financing Inquiries: Evan Speece, espeece@doral-llc.com
APG media contact:
Jennifer Bainbridge
+1 (973) 842-1391
Jennifer.bainbridge@apg-am.com...
Read the full news release here
