APG Invests $400m in US Solar Developer Doral Renewables
- APG invests $400 million in US renewable energy company Doral Renewables, boosting solar and storage projects with additional funding for growth.
Dutch pension solutions provider APG has invested USD 400 million in US developer Doral Renewables LLC, a Philadelphia-based renewable energy company. This minority equity investment, made on behalf of the largest Dutch pension fund ABP, will also include up to an additional USD 185 million in corporate credit support and funding for Doral Renewables' business operations.
The investment from APG will help accelerate the development and construction of Doral Renewables' solar and storage projects, which currently have a portfolio of over 13 GW. This includes 1.35 GW of projects under construction and 2 GW of mature projects set to begin construction in the next year. With this investment, APG has become the largest individual shareholder in Doral Renewables, which is the US arm of Israel's Doral Group and has backing from Migdal Group, Clean Air Generation, and Apollo Global Management.
How will APG's investment in Doral Renewables impact the US solar industry?
- The investment from APG will provide Doral Renewables with the necessary financial support to accelerate the development and construction of their solar and storage projects in the US.
- Doral Renewables currently has a portfolio of over 13 GW, including 1.35 GW of projects under construction and 2 GW of mature projects set to begin construction in the next year.
- This investment will help Doral Renewables expand their presence in the US renewable energy market and contribute to the growth of solar energy capacity in the country.
- APG's investment in Doral Renewables demonstrates the confidence in the US solar industry and the potential for further growth and development in the renewable energy sector.
- The partnership between APG and Doral Renewables will likely lead to increased investment and innovation in solar and storage projects, benefiting both companies and the overall US solar industry.