Doral Renewables, a US-based developer, owner, and operator of renewable energy and storage projects, announced a $400 million minority equity investment by Dutch pension fund ABP.
In a press statement, the company said that APG’s investment and partnership will accelerate the development and construction of Doral Renewables’ energy pipeline.
Additionally, as part of the deal, APG will contribute its proportional share of corporate credit support and provide up to an additional $185 million in funding for the company’s operations over time.
Nick Cohen, CEO of Doral Renewables, said, “In addition to the environmental benefits 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.”
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Doral Renewable partners with farming communities across the US to build large-scale greenfield projects that advance the energy transition.
Evan Speece, Chief Financial Officer of Doral Renewables, added, “With over 3 GW of projects being commercialized over the coming few years, we are excited to enter this next phase of growth with APG’s backing.”
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.
Steven Hason, Managing Director, Head of Americas Real Assets at APG said, “This investment on behalf of ABP is very well aligned with our joint ambition to contribute to the energy transition globally.”