Doral Renewables, a U. S. independent power producer (IPP), signed a $400 million minority investment contract with Dutch pension fund APG.
Doral, the developer of what is billed as the “largest” solar PV allocation in the U. S. The U. S. Geological Reserve, the 1. 65 GW Mammoth site in Indiana, said the investment will contribute to the structure and progression of its portfolio of more than thirteen GW of renewable energy allocations. said it expects around 2 GW of allocations to begin the structure over the next 24 months.
The investment is being made on behalf of APG’s parent fund, ABP, and will also include a further $185 million to be distributed “over time” in the form of prorated support for corporate loans.
Doral Renewables claims to focus on integrating agriPV, the practice of land for the production and agriculture of solar photovoltaics, at its sites.
Nick Cohen, CEO of Doral Renewables, said, “In addition to the environmental impact that our assets bring to the country, APG’s investment and control will allow Doral Renewables to continue its efforts to normalize the ‘social’ details of our environmental, social and governance details. (ESG) by bringing back classic agriculture through agriPV.
“The combination of APG and Doral demonstrates that renewable energy can improve the environment, sustain the family farm, and be a strong business proposition for all of our stakeholders. “
In addition to the 3 stages of the Mammoth Solar assignment in Illinois, Doral is also planning the 821 MW Buckheart Solar assignment in Illinois and the 1. 2 GW Vista Sands assignment in Wisconsin, either in the Midcontinent Independent System Operator (MISO) interconnection region. These three allocations, adding Mammoth, would be among the largest solar PV progression allocations in the U. S. Buckheart and Vista Sands are still in the clearance 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, which is reflected in the proliferation of solar projects in the grid interconnection queue.
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