Doral Renewables bags US$400 million for US pipeline

Summit Ridge Energy community project in Rockford, Illinois - Image: Summit Ridge Energy.
Summit Ridge Energy community project in Rockford, Illinois, where Doral has projects in development. Image: Summit Ridge Energy.

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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

July 16, 2024
The foundations of a solar project offer multiple opportunities for driving down system costs. Arash Yazdani of PRI Engineering describes some of the key steps involved in investigating the specific conditions of a project site and developing a foundation design that will stand the test of time.
July 16, 2024
North America is expected to be the major market for solar trackers in the upcoming years driven by increased installations in the US.
July 16, 2024
US developer Leeward Renewable Energy (LRE) has secured US$1.25 billion in construction warehouse facility to support the construction of its portfolio in the US.
July 16, 2024
The US Solar Energy Manufacturers for America (SEMA) coalition has reiterated its calls for an update to the Domestic Content tax credit for solar products.
July 16, 2024
Spanish independent power producer BNZ has appointed renewables asset manager Exus Renewables as asset manager for a 350MW solar portfolio in Spain.
July 15, 2024
Rio Tinto has announced a plan to build a 80MW solar PV plant to supply power to its company’s iron ore operations in the Pilbara region.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile