US independent power producer (IPP) Doral Renewables has signed a deal for a US$400 million minority equity investment from Dutch pension fund APG.
Doral – the developer of what is touted to be the US’ ‘largest’ solar PV project, the 1.65GW Mammoth site in Indiana – said that the investment will support the construction and development of its over 13GW renewable energy project pipeline. The company said that it expects around 2GW of projects to begin construction in the next 24 months.
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The investment is delivered on behalf of APG’s parent fund, ABP, and will also feature a further US$185 million to be delivered “over time” in pro-rata corporate credit support.
Doral Renewables claims to focus on incorporating agrivoltaics (agriPV)—the practice of using land for solar PV generation and farming—at its sites.
Nick Cohen, CEO of Doral Renewables said: “In addition to the environmental benefits which our assets provide to the country, APG’s investment and stewardship will enable Doral Renewables to continue its efforts to standardise the “social” element of our environment, social and governance (ESG) strategy by bringing traditional farming back through agriPV.
“APG and Doral together believe that renewables can improve the environment, preserve the family farm and be a strong business proposition for all of our stakeholders.”
In addition to the three phases of the Mammoth Solar project in Illinois, Doral is also planning the 821MW Buckheart Solar project in Illinois and the 1.2GW Vista Sands project in Wisconsin, both within the Midcontinent Independent System Operator (MISO) interconnection region. All three of these projects – including Mammoth – would be among the largest solar PV development projects in the US, though as it stands both Buckheart and Vista Sands are still undergoing the permitting process in their respective states.
Earlier this month, PV Tech Premium reported on the growing influence and interest in solar PV in the MISO territory, particularly visible in the proliferation of solar projects in the networks’ interconnection queue.
