Doral Renewables LLC Announces $400 Million Equity Investment from APG
June 24 2024 - 7:00AM
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 ContactsMedia Inquiries: Ran
Rabi, ranrabi@doral-llc.comFinancing Inquiries: Evan Speece,
espeece@doral-llc.com
APG media contact:Jennifer Bainbridge+1 (973)
842-1391Jennifer.bainbridge@apg-am.com