June 26, 2024

APG Invests $400 Million in Doral Renewables to Boost U.S. Energy Projects

Doral Renewables LLC, a prominent developer, owner, and operator of renewable energy and storage projects in the United States, disclosed that it has secured a $400 million minority equity investment from Dutch pension firm APG, acting on behalf of ABP, the largest pension fund in the Netherlands. 

Doral Renewables: Advancing Energy with Agrivoltaics

Doral Renewables, an Independent Power Producer (IPP) based in Philadelphia, partners with U.S. farm communities to develop large-scale, greenfield projects aimed at advancing the energy transition. The company focuses on solar and storage development, integrating traditional farming practices into their agrivoltaics projects. This approach maximizes land use, enhances biodiversity, and preserves heritage farming within and around solar farms.

Nick Cohen, CEO of Doral Renewables, emphasized, "Alongside the environmental advantages our assets offer the nation, APG's investment and guidance will empower Doral Renewables to further integrate the 'social' component of our Environment, Social, and Governance (ESG) strategy by revitalizing traditional farming through agrivoltaics. Together, APG and Doral share the belief that renewables can enhance the environment, support family farms, and deliver robust business outcomes for all stakeholders."

Doral Renewables' Project Pipeline

Doral's project pipeline exceeds 12 gigawatts (GW), including 1.35 GW of projects currently under construction and an additional 2 GW of mature projects scheduled to begin construction within the next 12 months. Among these is Doral's Mammoth Central Solar project in Indiana, which the company claims will be the largest solar farm in the U.S. upon completion, with a capacity of 1.3 GW.

Doral's ongoing and mature projects encompass the final phases of its Mammoth Solar complex in Indiana, along with additional initiatives in MISO, ERCOT, and SERC regions. The remaining 10 GW of Doral's portfolio consists of solar, storage, and solar-plus-storage projects spanning across PJM, MISO, SPP, TVA, ERCOT, NYISO, WECC, and NEISO markets.

Chief Financial Officer of Doral Renewables, Evan Speece, said, "We are excited to welcome APG as a partner and now the largest individual shareholder in Doral LLC. APG's investment expertise and experience in the U.S. renewable energy market, combined with the strength and support of our existing partners, will further drive our success."

APG Becomes Doral Renewables' Largest Investor

The minority equity investment, made on behalf of APG's largest pension fund client, ABP, will position APG as Doral's largest independent investor. APG will also have the option to invest up to an additional $185 million in the business over time.

Managing Director and Head of Americas Real Assets at APG, Steven Hason, commented, "This investment, reflecting ABP's dedication to advancing the global energy transition, aligns perfectly with our shared ambition. We look forward to expanding our renewables portfolio and collaborating closely with Doral Renewables, a partner that shares our vision."

Partnerships’ Commitment to Sustainable Energy

Doral Renewables is a leading renewable energy developer and operator with a nationwide presence across the United States. The company manages a diverse portfolio encompassing solar and storage development exceeding 13 GW, with 1.3 GW currently under construction. Operating in 18 states across 9 electricity markets, Doral Renewables has secured over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers. The company benefits from a global management and leadership structure, including entities like Doral Renewable Group, Migdal Group, and Clean Air Generation, supported by financial backing from Apollo Global Management.

APG is the largest pension solutions provider in the Netherlands which oversees pensions for 4.6 million participants. Offering executive consultancy, asset management, pension administration, pension communication, and employer services, APG serves pension funds and employers across sectors including education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. As of December 2023, APG manages approximately €569 billion in pension assets. With around 4,000 employees, APG operates from locations in Heerlen, Amsterdam, Brussels, New York, Hong Kong, and Singapore.

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