Doral Energy Solar Field in Israel (company pic)
Migdal, an Israeli insurance giant, is expanding into the renewable energy business with an investment in the fellow Israeli firm Doral LLC. Migdal paid about $355 million for a 20% stake in the green tech company.
Doral Renewable Energy Resources Group consists of multiple entrepreneurial branches, engaged in a vast variety of renewable energy projects all across Israel. It is the first company to connect a Solar Photovoltaic System to the national electricity grid, back in 2008. Since then, Doral has grown tremendously; gained extensive professional knowledge
and experience; mastered in dealing with regulatory requirements and authorities; created long-lasting strategic partnerships.
As of today, Doral owns and maintains dozens of operational Solar PV systems, both ground mounted and on rooftops (totaling at hundreds of mega-watts). Among other things, Doral is currently planning the biggest (170 mega-watts) PV power station in the Middle-East. In addition, Doral is actively engaged in about 600 mega-watts of gas turbines projects, 200 mega-watts of wind turbines projects and multiple bio-gas projects.
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Doral says that it is currently preparing for the introduction and implementation of new technologies, such as in the fields of electricity storage and electricity networks management.
Doral Energy Solar Field in Israel (Company website)
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 ($310 million) 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.
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“Doral is aiming to sustain its lead role in the Israeli renewable energy market, as well as to maintain its reputation as a one of the major green electricity producers in the country. In addition, Doral is constantly searching for opportunities to expand its business abroad.”
Nick Cohen, President & CEO, Doral LLC said, “The investment partnership strengthens Global Energy Generation’s (Doral LLC’s) competitive advantage in the U.S. as it expands its ~3,000 megawatt renewables portfolio. Our renewables projects platform is aligned with the market drive towards carbon neutrality, and is focused on locating and harvesting unique high-quality renewable energy projects from scratch in the most attractive markets in the US, such as PJM. The management team is continuously focused on growth with a long-term owner operator view for its projects.
With Migdal’s support, together with Doral’s leadership, we can continue to attract the best people and projects in the market and we can accelerate our growth plans. This remarkable milestone follows our recent announcement on the execution of a PPA with AEP Energy Partners Inc., one of the largest electric energy wholesale suppliers in the U.S., for the first stage (480 MWdc) of our Mammoth project in Indiana (1,650 MWdc in total) which shall enter into construction during Q4 of this year.”
Guy Fischer, Head of Migdal Insurance’s Investment Division, said, “Our significant investment in Doral’s operations reflects our great faith in the field and specifically in Doral’s operations. The investment synergizes with Migdal’s strategy of investing in core infrastructure, along with its ESG policy. As part of this policy, Migdal has committed to investing $1 Billion a year in Net Positive investments, and this investment is another pillar of our activity in the field this year.”
“We are pleased to join as significant partners in Doral, along with Mr. Nick Cohen and his team, whom we have identified as having impressive entrepreneurial capabilities. Migdal has an option for additional financing that may reach an additional $300 million, thus, a total investment of $600 million in the first phase of this partnership.”
