Doral Renewables Secures Up To $1.1 Billion Of Growth Capital Commitments From Leading Financial Institutions
Doral Renewables LLC dba Doral LLC (“Doral” or the “Company”), a leading U.S. renewable energy and storage developer, announced today that it has entered into an agreement to sell up to $500 million of convertible notes (the “Notes”) to funds managed by Apollo (NYSE: APO) affiliates (the “Apollo Funds”) and Migdal Insurance, a leading Israeli insurance and pension company (“Migdal”). The Notes are convertible to common equity interests in the company at a pre-money valuation of $1.5 billion.