U.S.-based Doral Renewables, the renewable energy development arm of Israel-based Doral Group, has issued up to $500 million of convertible notes to Apollo Global Management and Migdal Insurance, an Israeli insurance and pension firm. The notes are convertible to common equity interests in Doral at a pre-money valuation of $1.5 billion.
The announcement follows the company’s Jun’22 agreement with Bank of America (BofA) for a $175 million tax equity commitment for the 1.3 GW Mammoth Solar complex in Indiana. The agreement also provides for BofA to increase its commitment to the project to as much as $600 million, for supporting the development of the complex’s final two phases.
The transactions bring Doral’s committed growth capital to nearly ~$2 billion , which will be deployed to commercialize almost 2 GW of late-stage projects by 2024. The remaining 8 GW of Doral’s portfolio is comprised of solar and solar-plus-storage projects across the PJM, MISO, SERC, ERCOT, NYISO, SPP and NEISO markets.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.