PHILADELPHIA--(BUSINESS WIRE)--Doral Renewables LLC (“Doral”) announced today that it has acquired Brenneman Solar Project from AVANGRID, Inc. The Project is a nominal 150 MWac utility-scale solar photovoltaic development project in Macon County, GA.
The Project is located in the Southeastern Electric Reliability Council (SERC) energy market, one of the fastest growing areas in the United States in terms of solar power generation potential. The Project has secured almost 1,600 acres under long term leases with local landowners and has a signed interconnection agreement with Georgia Power. Once complete, the Project will produce enough electricity to power approximately 36,000 US households.
“Brenneman is Doral’s first project outside PJM and MISO. We are excited to expand our footprint and diversify our geographical and market exposure,” said Ignacio Ibarguren, Vice President M&A and Finance at Doral. “Going forward, Doral aims to further expand its presence outside its “home markets” through organic growth and/or acquisition of solar, wind, and storage development projects in ERCOT, CAISO and the Northeast”.
“Doral is thrilled to finish the work started by Avangrid by constructing and operating the Brenneman project. When completed, the Project will provide important income stability and diversification to the local farming community. Additionally, the Project will benefit all residents through $3 million in direct payments to Macon County in the first 10 years operations, without requiring any additional services from the County. During construction, the Project will pay tens of millions in wages and other local purchases,” said Jon Baker, Director Project and Business Development at Doral.
About Doral
Doral LLC (Formerly named Global Energy Generation LLC) was founded in 2019 as a joint venture between Doral Group and Clean Air Generation LLC. Doral LLC currently has over 5 GWdc of projects under development and 35,000 acres of land control, mainly in the Midwest and Mid-Atlantic U.S.
Doral recently held a ribbon cutting ceremony for the first phase of “Mammoth Solar” in Indiana, one of the largest projects in the US. The management team of Doral LLC includes experienced multidisciplinary individuals who have worked together for several years in the renewables industry. The company completed a financing deal with the leading Israeli insurance firm, Migdal Insurance, in which Migdal agreed to invest approximately $355 million in Doral LLC. The transaction included the acquisition of 20% of Doral LLC, extension of credit facilities and direct investments in projects.
Doral Group is a publicly traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue generating renewable energy assets. With over 9 GWdc under development, Doral Group is active, in Israel, Europe, and the United States. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel’s biggest solar + storage tenders to build approximately 800MW(DC) + 1,500MW of storage facilities in Israel.
For more information, please visit doral-llc.com and https://doral-energy.com/en/