Get Cash Back and $0 Commissions + The Power of TradeStation
Doral Renewables LLC Announces Closing of $400 Million Equity Investment from APG
Globe Newswire 13-Sep-2024 7:00 AM
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, announced today the closing of 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 two additional GW of mature projects slated to start construction within the next 12 months.
APG brings almost a decade of experience investing in the U.S. renewable energy market. The partnership with Doral Renewables is the responsible investor's first stake in developments that pair 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 its contribution to the energy transition.
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 1.35 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 €577 billion (June 2024) in pension assets. With approximately 4,500 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong and Singapore. Visit www.apg.nl/en for more information.
