PHILADELPHIA, PA — Doral Renewables LLC announced a significant $400 million minority equity investment from Dutch pension fund APG. This influx of capital, on behalf of the largest Dutch pension fund ABP, aims to expedite the development and construction of Doral’s extensive energy pipeline. Additionally, APG will provide up to $185 million in corporate credit support and funding over time.
Doral Renewables, an Independent Power Producer (IPP), partners with farming communities across the U.S. to develop large-scale projects that advance the transition to renewable energy. The company is a leader in agrivoltaics, where traditional farming practices are integrated with solar farms. This approach maximizes land use, boosts biodiversity, and preserves heritage farming while generating additional revenues for local communities. Doral’s project pipeline exceeds 13 gigawatts (GW) and includes 1.35 GW of projects under construction, with an additional 2 GW set to commence within the next year.
Nick Cohen, Chief Executive Officer of Doral Renewables, highlighted the broader impact of the investment. “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,” Cohen said.
Evan Speece, Chief Financial Officer of Doral Renewables, echoed this enthusiasm. “We are thrilled to welcome APG as a partner and now the largest individual shareholder in our company. 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.”
Driving Green Growth: Doral Renewables and APG’s Sustainable Partnership
The investment from APG marks a pivotal moment for Doral Renewables. The funds will not only accelerate project timelines but also reinforce Doral’s commitment to integrating sustainable farming practices with renewable energy production. This dual focus on green energy and agricultural preservation positions Doral as a unique player in the renewable energy sector.
Doral’s leadership in agrivoltaics highlights an innovative approach to land use. By combining solar power generation with traditional farming, Doral can support local economies and enhance biodiversity. This model could become a blueprint for future renewable energy projects, especially in rural areas where farming is a key part of the community.
For APG, the investment aligns with its broader strategy of supporting sustainable and socially responsible projects. As one of the largest pension funds globally, APG’s involvement brings not just capital but also credibility and expertise in the renewable energy market. This partnership underscores the growing importance of ESG factors in investment decisions.
The financial backing from APG also signals confidence in Doral’s ability to execute its ambitious pipeline of projects. With 1.35 GW already under construction and 2 GW nearing commencement, Doral is poised for significant growth. The additional 10 GW of projects in various stages of development across major U.S. markets further solidifies Doral’s position as a leading IPP.
In summary, the partnership between Doral Renewables and APG represents a strategic move towards accelerating the adoption of renewable energy while promoting sustainable farming practices. This investment is expected to drive substantial growth for Doral and contribute to the broader transition to a greener economy. The collaboration sets a strong precedent for integrating environmental stewardship with profitable business operations.
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