Dutch civil service scheme In order to support the US company Doral Renewables‘ renewable energy and storage projects, ABP is investing $400 million (€373 million) in equity.
In addition to investing in a minority position in Dalar Renewables, APG, the asset management division of ABP, the biggest pension fund in the Netherlands, will also give the independent power producer its “pro rata share of corporate credit support and funding,” which could total up to an extra $185 million in capital over time.
Doral Renewables is a US-based company that develops, owns, and runs renewable energy and storage projects. It specializes in forming partnerships with farming communities.Within the company’s 13GW project pipeline, there are 1.35GW of ongoing projects and about 2 GW of mature projects that are expected to begin construction in the upcoming year.
The firm’s energy pipeline development and construction will be accelerated by the investment made by APG and their partnership with them.
Head of APG’s Americas real assets and managing director Steven Hason stated: “This investment on behalf of ABP is very well aligned with our joint ambition to contribute to the global energy transition.”
“We are excited to work with Doral Renewables, a like-minded partner, and to expand our portfolio of renewables.”
The CEO of Doral Renewables, Nick Cohen, stated: “APG’s investment and stewardship will enable Doral Renewables to continue its efforts to standardize the “social” element of our Environment, Social and Governance (ESG) strategy by bringing traditional farming back through agrivoltaics, in addition to the environmental benefits which our assets provide to the country.”Together, APG and Doral think that renewable energy can protect the environment, maintain family farms, and be a profitable venture for all of our stakeholders.
“We are thrilled to welcome APG as a partner and now the largest individual shareholder in our company,” stated Evan Speece, CFO of Doral Renewables.Along with the strength and encouragement of our current partners, APG’s acumen as an investor and its familiarity with the US renewable energy market will further contribute to our success.With more than 3GW of projects slated for commercialization in the upcoming years, we are eager to embark on this next stage of expansion with APG’s support.
