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A Substantial Transaction in the Renewable Energy Market: Migdal, a Prominent Israeli Insurance Company, Will Invest Approximately $355 Million in Global Energy Generation LLC (Doral LLC)

May 3, 2021 GMT


A substantial investment transaction for Migdal Insurance, Israel’s largest insurance company and pension manager with AUM of 90 billion dollars, in Global Energy Generation LLC (Doral LLC).

The transaction outline, which is still being formulated and is subject to the signing of detailed transaction documents and completion of due diligence, includes, inter alia, an investment of approximately $110 million, the bulk of which will be invested at the closing, and the remainder subject to meeting pre-defined near-future milestones, in exchange for 20% of Doral LLC.

As part of the deal, Migdal Insurance will also participate in the first stage (480 MWdc) of Doral LLC’s mega solar project in Indiana, with an estimated investment of $100 million. Doral LLC will retain its majority holding position and control of the project.


The Indiana solar project, which is expected to enter construction in 2021, covers over 12,000 acres, and has a total capacity estimated at 1.65 gigawatts. This is one of the most significant photovoltaic projects in the U.S.

The first phase of the project has already received most of the required approvals, and a PPA (Power Purchase Agreement) with AEP Energy Partners Inc., a subsidiary of American Electric Power (Nasdaq: AEP) and one of the largest electric energy wholesale suppliers in the U.S has already been signed, constituting one of the largest solar power purchase agreements in the PJM market.

In addition, Migdal Insurance will provide Doral LLC with a credit facility of an additional $130 million on terms to be set forth in definitive agreements. Migdal’s investment will total approximately $355 million. The investment scope may be increased by hundreds of millions of dollars in the foreseeable future as more projects mature.

Doral LLC

Doral LLC, the entrepreneurial platform of Doral Renewable Energy Resources Group Ltd (Doral Group) in the U.S, was founded by Doral Group and Clean Air Generation LLC. Doral LLC currently has over 3 GWdc of projects under development and 30,000 acres of land control, mainly in Midwest and Mid-Atlantic 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. With over 6 GWdc under development, 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.

Nick Cohen, President & CEO, Doral LLC:

“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.”

According to Guy Fischer, Head of Migdal Insurance’s Investment Division: “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”.

Yaki Noyman, CEO, Doral Group:

“The connection with Migdal Insurance, which we consider a strategic partner, is expected to strengthen and speed up Doral’s extensive operations in North America. Doral’s uniqueness and its outstanding competitive advantage in initiating and developing large scale renewable energy projects, together with Migdal’s business acumen and financing capabilities, add significant growth opportunities for Doral, especially now as the Biden Administration’s new infrastructure program will provide a boost to the U.S. renewable energy sector.”

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Maya Ziv Wolf

Corporate Media Relations




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PUB: 05/03/2021 02:13 PM/DISC: 05/03/2021 02:13 PM