Israel's Migdal to take stake in 300-MW solar project in Indiana

Solar panels. Featured Image: pornvit_v/Shutterstock.com

February 1 (Renewables Now) - Israel’s Migdal Insurance (TLV:MGDL) has agreed to buy a 22.5% stake in Doral Renewables LLC’s 300-MW/260-MW DC Mammoth Solar II photovoltaic (PV) park in Indiana.

Doral Renewables, doing business as Doral LLC, said on Monday that the Israeli insurance company and pension manager has pledged to invest up to USD 75 million (EUR 66.6m) to get the stake in the scheme, thus providing a portion of its total capital requirement.

Mammoth Solar II, also known as Mammoth South, is the second phase of the Mammoth Solar complex, which will have an installed capacity of 1.3 GW. Located in Starke and Pulaski counties in northern Indiana, within the PJM market area, the huge power plant is expected to produce enough electricity to supply more than 230,000 homes per year, once fully operational.

The 480-MW DC Mammoth Solar I was officially opened in October 2021. Migdal Insurance invested USD 100 million in phase one earlier in 2021 in exchange for a minority stake.

With its latest commitment, the Israeli firm has lifted its direct investment in the Mammoth Solar project to USD 175 million. The move is aligned with its environmental, social and governance (ESG) policy.

(USD 1.0 = EUR 0.889)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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