PHILADELPHIA--(BUSINESS WIRE)--Headline of release should read: Migdal Insurance Commits to Invest in Doral Renewables’ Mammoth South Project (instead of Migdal Insurance to Increase Its Investment in Doral Renewables LLC). Please replace the release with the following corrected version due to multiple revisions.
The updated release reads:
MIGDAL INSURANCE COMMITS TO INVEST IN DORAL RENEWABLES’ MAMMOTH SOUTH PROJECT
Migdal Insurance, Israel’s leading insurance company, has committed to invest up to $75 million into Phase II of Doral LLC’s Mammoth Solar project (known as Mammoth South) in Northwest Indiana, as part of its ESG Policy. The new investment will expand Migdal’s investment in the entire Mammoth Solar project to up to $175 million.
Migdal Insurance, Israel’s largest insurance company, with assets under management of $90 billion, has expanded its strategic partnership with Doral Renewables LLC (dba Doral LLC) by committing to an investment of up to $75 million in the second phase of the company’s Mammoth Solar project (which phase is known as the 300 MW Mammoth South project) in Northwest Indiana. Migdal has committed to contribute up to $75 million of the project’s capital cost in exchange for a 22.5% ownership stake in the project. The new agreement will result in Migdal increasing its direct investment in the Mammoth Solar project, one of the largest solar projects in the country, to up to $175 million. The Mammoth Solar project is one of the country’s largest solar farms with over 13,000 acres across Starke and Pulaski Counties in Northwest Indiana. The project is expected to generate 1.3GWac of clean energy, enough to meet the needs of over 230,000 households in the Midwest annually. The project is further projected to encompass an economic investment of approximately $1.5 billion. In October 2021, the company held a ribbon cutting ceremony, featuring the Governor of Indiana, the Honorable Mr. Eric Holcomb and the Israeli Ambassador to the US, Mr. Gilad Erdan.
“Midgal’s investment supports our achievement of becoming a market leader with the best people and a rapidly expanding project portfolio with over $6 billion in construction value. Mammoth Solar, Doral LLC and the renewables market are transforming the world. Indiana is a leader in the energy sector and their efforts to form the strongest industry cluster are working. Doral is creating jobs and revitalizing communities across America.” says Nick Cohen, President and CEO of Doral LLC.
Yaki Noyman, CEO of the Doral Group: “Migdal increasing its investment is a direct expression of the trust offered by Israel’s institutional entities in the renewable energy sector and in Doral in particular. We have chosen partners that are not only interested in generating returns from their investments, but also in its impact on the public and the environment. We continue to initiate and develop more projects in Israel, Europe, and the US”.
Erez Migdali, Deputy CIO and Head of Private Assets at Migdal Insurance: “We are delighted to deepen our investment in Doral LLC’s activities. This significant, growing partnership is an indication of our trust in the renewables industry and in Doral. This investment is in correlation with our ongoing ESG policy, in which we have developed an investment framework of over NIS 3 billion in net positive investments, annually. I have no doubts that this deal, signed in the first days of 2022, is the first among many new investments we intend to promote in the upcoming year."
Doral LLC was founded in 2019 as a joint venture between Doral Group and Clean Air Generation. Doral LLC currently has approximately 6 gigawatts of projects under development and over 40,000 acres of land control in the U.S. The management team of Doral LLC includes experienced multidisciplinary individuals who worked together for many years in the renewables industry in the US.
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. Doral Group is active, inter alia, 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 750MW(dc) + 1,400MWh of storage facilities in Israel.
Migdal Insurance is Israel’s largest insurance company and pension manager with AUM of 90 billion dollars, 2.3 million customers and more than 4,900 employees. Migdal has a local corporate rating of Aa1. Migdal was Israel’s first institutional body to announce the adoption of an ESG (Environmental Social and Governance) investment policy over six months ago. Migdal has already made several investments in the field, including a NIS 1 Billion investment in Copenhagen Infrastructure Partners IV, a Danish Fund which is active in renewable energy projects; a $100 Million investment in BayWa Renewable Energy, an international growth company operating in renewable energies and a unique investment of $60 Million in the AMUNDI PLANET Fund which was established in partnership with large global institutional entities to develop “green” bond markets in emerging countries.