Since then, we have watched Doral continue to achieve its plans under the stewardship of Nick and Evan. Migdal’s CIO Erez Migdali said: “We are excited to participate in this investment round, having first invested in Doral in June 2021. By continuing to scale and bring additional renewable energy facilities online, Doral will enhance grid stability in markets across the country while creating jobs in local communities and promoting a cleaner planet.” We believe Doral’s focus on large-scale projects, strong landowner relationships and high conversion rates position the Company to be one of the long-term winners in the market.”ĭylan Foo, Head of Infrastructure at Apollo, said, “We’re pleased to support Doral’s growth as the company continues to execute on its robust project pipeline. Our renewable energy projects offer attractive opportunities to invest behind low-risk, environmentally friendly assets, while providing critical clean energy supply to help revitalize communities across rural America.”Īpollo Partner Corinne Still said, “Investing in Doral represents an opportunity to partner with a leading solar developer and highlights Apollo’s commitment to investing in companies that are enabling the energy transition. “These new capital commitments, from leading investors in the space acting collaboratively with each other and Doral, will allow us to commercialize nearly 2 GW of late-stage projects, advance several gigawatts of additional projects from early-stage development to start of construction and bring us closer to our goal of creating a leading clean energy IPP in the United States.”ĭoral President and CEO Nick Cohen added, “This additional growth capital from Apollo, Migdal and Bank of America reinforces our position as a leading developer, owner and operator of utility scale clean energy projects across the United States. “We are grateful to our new partners at Apollo and Bank of America for recognizing the tremendous value embedded in Doral’s project pipeline as well as in our platform as a whole and to Migdal for their continuing support,” said Evan Speece, Chief Financial Officer of Doral. In addition, Bank of America has supported the Company with the issuance of approximately $75 million of Standby Letters of Credit through a back-to-back arrangement with a correspondent banking partner. Subject to further project milestones, diligence, underwriting and corporate approvals, Bank of America is willing to work together with the Company towards potential additional tax equity raises to support the final two phases of the Mammoth Solar project. The investment follows the Company’s announcement in June of Bank of America Corporation’s (“Bank of America”) commitment to provide approximately $175 million of tax equity to support the Company's flagship Mammoth North project. In connection with the investment, Apollo partner Corinne Still will join the Company’s Board. Doral intends to use the proceeds from the transaction to fund investments in renewable energy and storage projects being developed by the Company. The Notes are convertible to common equity interests in the company at a pre-money valuation of $1.5 billion. renewable energy and storage developer, announced today that it has entered into an agreement to sell up to $500 million of convertible notes (the “Notes”) to funds managed by Apollo (NYSE: APO) affiliates (the “Apollo Funds”) and Migdal Insurance, a leading Israeli insurance and pension company (“Migdal”). 18, 2022 (GLOBE NEWSWIRE) - Doral Renewables LLC dba Doral LLC (“Doral” or the “Company”), a leading U.S. – Funds a substantial portion of Company’s 10 GWac project pipeline – – Transactions bring total committed capital to nearly $2 billion – – $600 million potential tax equity from Bank of America –

– $500 million capital commitment from Apollo and Migdal –

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