PHILADELPHIA, PA — Doral Renewables LLC has announced a significant financial boost with a $400 million equity investment from Dutch pension manager APG, acting on behalf of the Netherlands’ largest pension fund, ABP. This infusion of capital is set to propel Doral’s extensive renewable energy initiatives across the United States. The partnership is expected to enhance the development and construction of Doral’s substantial energy pipeline.
Doral Renewables, a prominent U.S. developer and operator of renewable energy projects, is known for its innovative approach in agrivoltaics—integrating solar energy production with agricultural activities. This strategy not only maximizes land use but also supports biodiversity and provides economic benefits to local farming communities. The company’s project pipeline boasts over 13 gigawatts (GW) in capacity, with 1.35 GW currently under construction and an additional 2 GW anticipated to break ground in the coming year.
The partnership marks APG’s inaugural venture into projects that merge solar energy with agricultural practices. This investment aligns with APG’s strategy to combine financial returns with sustainable contributions to the energy transition. APG will also offer additional corporate credit support, potentially increasing their investment by another $185 million over time.
Doral’s ongoing projects include the completion of its Mammoth Solar complex in Indiana, alongside other developments across various U.S. energy markets, such as MISO, ERCOT, and SERC. The remainder of Doral’s 10 GW portfolio spans solar, storage, and integrated solar-plus-storage projects across several regional transmission organizations.
This collaboration highlights a growing trend in the renewable energy sector where financial institutions are increasingly investing in projects that combine environmental sustainability with innovative agricultural practices. The inclusion of trusted advisors such as Truist Securities, Scotiabank, and legal counsel from Latham & Watkins LLP and Norton Rose Fulbright LLP underscores the strategic importance of this transaction.
With this new partnership, Doral Renewables is poised to make significant strides in advancing the energy transition, fostering sustainable development, and supporting local communities through its pioneering agrivoltaic projects.
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