Funding Round attributes
Doral Renewables Closes $400 Million Equity Investment from APG to Accelerate U.S. Renewables Pipeline
Philadelphia, September 13, 2024 – Doral Renewables LLC (“Doral Renewables” or “the Company”), a Philadelphia-based developer, owner and operator of U.S. renewable energy and storage projects, has officially closed a $400 million minority equity investment from Dutch pension manager APG, acting on behalf of the Netherlands’ largest pension.
The funding supports Doral’s mission of building large-scale, greenfield renewable energy infrastructure—particularly agrivoltaic projects that dual-purpose farmland for both solar generation and traditional agriculture.
The infusion of capital will accelerate the development and construction of Doral Renewables’ energy pipeline and reinforce its agrivoltaic model, which seeks to integrate traditional farming with solar energy production. This approach aims to maximize land use, enhance biodiversity, preserve heritage farming practices, and generate additional revenue streams for local communities.
Norton Rose Fulbright LLP served as legal counsel to APG
Steven Hason, Managing Director and Head of Americas Real Assets at APG, noted, “This investment on behalf of ABP is very well aligned with our joint ambition to contribute to the energy transition globally… We look forward to expanding our renewables portfolio and to working with Doral Renewables.”
This funding marks a significant milestone in Doral Renewables’ development trajectory, reinforcing its agrivoltaic model and regional growth while positioning APG and ABP as prominent backers of U.S. clean energy infrastructure.
