Migdal will increase its total investment in the entire solar project to up to $175m, with the transaction
Mammoth Solar project is expected to produce 1.3GW of clean energy. (Credit: PublicDomainPictures from Pixabay)
Israel’s insurance company Migdal Insurance has made a commitment to invest $75m in a 300MW solar project in Northwest Indiana, US.
The investment will be made to contribute to the capital cost of the second phase of Doral’s Mammoth Solar project. In return, the company will gain a 22.5% ownership stake in the project.
With the transaction, Migdal will increase its total investment in the entire solar project to up to $175m.
The investment is part of the company’s environmental social and governance (ESG) policy that was adopted by it over six months ago.
Doral president and CEO Nick Cohen said: “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.”
The Mammoth Solar project will be built over 13,000 acres across Starke and Pulaski Counties in Northwest Indiana.
Upon completion, the project is expected to produce 1.3GW of clean energy, which is sufficient to meet the requirements of more than 230,000 households in the Midwest annually.
Founded in 2019, Doral is a joint venture between Doral Group and Clean Air Generation, with nearly 6GW of projects under development.
The other renewable energy investments made by Migdal include an investment in Copenhagen Infrastructure Partners IV, a Danish Fund that is active in renewable energy projects and a $100m investment in BayWa Renewable Energy.
The company has assets under management (AUM) of $90bn, 2.3 million customers and over 4,900 employees.