Doral Renewables LLC, a prominent developer, owner, and operator of renewable energy and storage projects across the United States, has secured a $400 million minority equity investment from Dutch pension firm APG, acting on behalf of ABP, the Netherlands’ largest pension fund.
Doral Renewables: Advancing Energy with Agrivoltaics
Based in Philadelphia, Doral Renewables is an Independent Power Producer (IPP) that partners with U.S. farm communities to develop large-scale greenfield projects that advance the energy transition. The company’s work in solar and storage development integrates traditional farming practices into its agrivoltaic projects—an approach that maximizes land use, enhances biodiversity, and preserves heritage farming on and around its 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), with 1.35 GW of projects currently under construction and another 2 GW of mature projects scheduled to begin construction within the next 12 months. Among these is the company’s Mammoth Central Solar project in Indiana, which, upon completion, is set to be the largest solar farm in the U.S. with a capacity of 1.3 GW.
Doral’s Mammoth Central Solar project in Indiana is set to be the largest U.S. solar farm at 1.3 GW, as part of a 12 GW pipeline.
Doral’s ongoing and mature projects include the final phases of its Mammoth Solar complex in Indiana and additional initiatives in the MISO, ERCOT, and SERC regions. The remaining 10 GW of Doral’s portfolio consists of solar, storage, and solar-plus-storage projects across the PJM, MISO, SPP, TVA, ERCOT, NYISO, WECC, and NEISO markets.
“We are excited to welcome APG as a partner and now the largest individual shareholder in Doral LLC,” said Evan Speece, Chief Financial Officer of Doral Renewables. “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 its largest pension fund client, ABP, positions APG as Doral’s largest independent investor. APG will also have the option to invest up to an additional $185 million in the company over time.
“This investment, reflecting ABP’s dedication to advancing the global energy transition, aligns perfectly with our shared ambition,” said Steven Hason, Managing Director and Head of Americas Real Assets at APG. “We look forward to expanding our renewables portfolio and collaborating closely with Doral Renewables—a partner that shares our vision.”
About the Partners
Doral Renewables is a leading U.S. renewable energy developer and operator with a nationwide presence. The company manages a diverse portfolio of more than 13 GW in solar and storage development, including 1.3 GW currently under construction.
Operating in 18 states across nine electricity markets, Doral Renewables has secured over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers. Its global management and leadership structure includes entities such as Doral Renewable Group, Migdal Group, and Clean Air Generation, with financial backing from Apollo Global Management.
APG is the largest pension solutions provider in the Netherlands, overseeing 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 managed approximately €569 billion in pension assets. With around 4,000 employees, the firm operates from offices in Heerlen, Amsterdam, Brussels, New York, Hong Kong, and Singapore.