Migdal Insurance to Invest up to $75 Million in Doral Renewables’ Mammoth Solar 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  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 by committing to an investment of up to $75 million in the second phase of the company’s Mammoth Solar 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."