Doral Renewables LLC Announces Close of $400 Million Equity Investment from APG

PHILADELPHIA, Sept. 13, 2024 (GLOBE NEWSWIRE) — Doral Renewables LLC (“Doral Renewables” or the “Company”), a leading U.S. developer, owner and operator of renewable energy and storage projects, today announced the closing of a $400 million minority equity investment by Dutch pension company APG on behalf of the largest Dutch pension fund, ABP. The investment 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 the Company’s corporate credit support and financing for up to an additional $185 million of equity over time.

Doral Renewables is an independent power producer (IPP) specializing in partnerships with agricultural communities across the United States to build large-scale greenfield projects that significantly accelerate the energy transition. The company is also an industry leader in agrivoltaics, where traditional agricultural practices are implemented on and around a solar farm to maximize land use, enhance biodiversity, preserve agricultural heritage, and generate additional revenue streams and economic opportunities for local communities. The company’s total project pipeline is more than 13 GW, including 1.35 GW of projects under construction and approximately two additional GW of mature projects scheduled to begin construction within the next 12 months.

APG has nearly a decade of experience investing in the U.S. renewable energy market. The partnership with Doral Renewables is the first time a responsible investor has invested in projects that combine solar energy generation with agricultural production. The $400 million equity investment on behalf of their largest pension fund client, ABP, is an opportunity to generate long-term returns and further contribute to the energy transition.

Doral’s projects under construction and mature include the remaining three phases of the Mammoth Solar complex in Indiana and additional projects in MISO, ERCOT and SERC. The remaining 10 GW of Doral’s portfolio includes solar, storage and solar-plus-storage projects in the PJM, MISO, SPP, TVA, ERCOT, NYISO, WECC and NEISO markets.

Truist Securities acted as exclusive placing agent and Latham & Watkins LLP acted as legal advisor to Doral in connection with the transaction. Scotiabank acted as exclusive financial advisor and Norton Rose Fulbright LLP acted as legal advisor to APG.

About Doral Renewables LLC

Doral Renewables is a Philadelphia-based renewable energy developer, owner and operator of renewable energy assets with operations across the United States. It has a portfolio of more than 13 GW of solar and storage development capacity, including 1.35 GW under construction, and operates in 18 states and 9 electricity markets. Doral Renewables has more than $2.5 billion in long-term wholesale power purchase agreements with U.S. customers. The company has a global board and management team that includes Doral Renewable Group, Migdal Group, Clean Air Generation, with additional financial support from Apollo Global Management (NYSE: APO).

About APG

As the largest provider of pension solutions in the Netherlands, APG is responsible for the pensions of 4.6 million participants. APG provides executive advice, asset management, pension administration, pension communication and services for employers. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organisations, medical professionals and architects. APG manages pension assets worth around €577 billion (June 2024). With around 4,500 employees, we operate in Heerlen, Amsterdam, Brussels, New York, Hong Kong and Singapore. Visit www.apg.nl/en for more information.

Doral Renewables Contacts
Media inquiries: Ran Rabi, [email protected]
Financing Inquiries: Evan Speece, [email protected]

APG media contact:
Jennifer Bainbridge
+1 (973) 842-1391
[email protected]