Doral Renewables
Doral Renewables is a Philadelphia-based utility-scale solar PV and battery storage developer operating across 17+ US states and 5 electricity markets, with a 17+ GWac pipeline anchored by gigawatt-scale solar-plus-storage projects and an agrivoltaics focus. It develops, finances, builds, and operates projects sold under long-term PPAs to utilities, corporates, and government buyers.
- Company typePrivate
- Founded2019
- HeadquartersPhiladelphia, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Doral Renewables does
Doral Renewables LLC is a Philadelphia-headquartered utility-scale solar photovoltaic and battery energy storage developer founded in 2019 as the US subsidiary of Israeli Doral Group (TASE: DORL). The company develops, finances, constructs, and operates large-scale renewable energy projects across 17+ US states and 5 electricity markets (PJM, MISO, SPP, ERCOT, WECC), with a 17+ GWac pipeline anchored by the 1.3 GW Mammoth Solar project in Indiana (the largest solar farm in the United States), the 1.2 GW Vista Sands Solar in Wisconsin, and the 430 MW solar plus 340 MWh Cold Creek Solar + Storage project in Texas. The company's differentiated capability is agrivoltaics — the dual-use of agricultural land for simultaneous solar generation and farming, including livestock grazing for vegetation management, pollinator habitats, and crop production under and between solar panels — sourced from Doral Group's Israeli R&D partnerships.
The business model rests on long-term power purchase agreements (PPAs) with utilities, corporations, and government entities, typically spanning 15-25 years, supplemented by project development fees and tax equity structuring arrangements. Anchor offtakers include AEP Energy, Bank of America, PNC Bank, CVS Health, Dietz & Watson, and a major technology corporation, with Constellation serving as corporate offtake aggregator for Mammoth Central. Revenue is recognized over multi-decade contract terms, creating a subscription-like recurring revenue base on operational assets. Currently 400 MW is in operation (Mammoth North at 400 MW and Great Bend Solar at 48 MW), 1.3 GW is under construction, and the contracted PPA pipeline totals nearly 2 GW representing over $3 billion in long-term wholesale power purchase agreements.
Capital formation has been substantial: approximately $1 billion in equity from Migdal Group (~$355M total), Apollo Global Management (up to $500M convertible notes), and APG ($400M minority equity with up to $185M additional commitment), supplemented by over $1.5 billion in project-level debt and tax equity financing. The company partners with Tier-1 EPC contractors (Bechtel, SOLV Energy, PCL Construction), Tier-1 operations providers (IHI Power Services, NovaSource), and an international bank syndicate (MUFG, HSBC, Santander, Ally, IDB). Governance combines Doral Group CEO Yaki Noyman, Apollo and APG board representation, former Indiana Governor Eric Holcomb, and former Mossad Director Yossi Cohen. The company maintains offices in Philadelphia and Chicago with operations support in Indiana.
Doral Renewables firmographics
Firmographics- Name
- Doral Renewables
- Legal name
- Doral Renewables LLC
- Website
- https://doral-llc.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Doral Renewables is a Philadelphia-based utility-scale solar PV and battery storage developer operating across 17+ US states and 5 electricity markets, with a 17+ GWac pipeline anchored by gigawatt-scale solar-plus-storage projects and an agrivoltaics focus. It develops, finances, builds, and operates projects sold under long-term PPAs to utilities, corporates, and government buyers.
- Ownership category
- akta.pro rank
Doral Renewables industry classification
Industry- Product category
- Utility-Scale Solar and Battery Storage Project Development
- NAICS
- Solar Electric Power Generation (221114), Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)
- SIC
- Electric, Gas & Sanitary Services (4900), Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)
- akta.pro secondary industries
- Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Solar Financing, Leasing & Ownership Platforms (Tax Equity, PPA, Securitization) (EUAMABAJ), Operations, Maintenance & Asset Management (O&M, Vegetation, Spares, SCADA) (EUACAGAH)
Keywords
Where Doral Renewables is headquartered
LocationHeadquarters
- HQ city
- Philadelphia
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Doral Renewables business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Power Purchase Agreements: Long-term contracts with utilities, corporations, and government entities to purchase electricity generated by solar and storage projects. Revenue recognized over contract terms typically spanning 15-25 years. Company executes PPAs as both project developer and owner-operator.
- Project Development Fees: Development services provided to project entities including site control, permitting, interconnection, and financing arrangement. Revenue recognized at project milestones.
- Tax Equity Investment: Structured financing arrangements where tax equity investors (banks) invest in solar projects to capture federal tax credits (ITC/PTC), with equity returns through tax benefit monetization and cash distributions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Utility-scale solar and storage project pricing based on MW capacity and contract terms |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
Doral Renewables product offering
Product offeringCore offering
Doral Renewables develops, finances, constructs, and operates large-scale utility solar photovoltaic and battery energy storage projects in the United States, selling electricity and storage capacity to utilities, corporations, and government off-takers under long-term power purchase agreements. The company differentiates through an integrated agrivoltaics practice that allows farmers to continue agricultural activities (livestock grazing, pollinator habitats, crop production) on land leased for solar development, with technology expertise transferred from its Israeli parent Doral Group's university R&D partnerships.
Product overview
Doral Renewables is a utility-scale solar and battery storage developer offering a portfolio of renewable energy projects across the United States. The company's product portfolio centers on developing, financing, constructing, and operating large-scale solar and storage projects — including flagship projects like the Mammoth Solar complex (1.3 GW, the largest solar project in the U.S.), Vista Sands Solar (1.2 GW in Wisconsin), and Cold Creek Solar + Storage (430 MW solar / 340 MWh storage in Texas). These projects are offered as distinct named products across different states and grid markets (PJM, MISO, ERCOT, SPP, WECC), each with tailored power purchase agreements. Doral's differentiated offering centers on agrivoltaics — a practice that allows solar and agriculture to coexist on the same land — which is embedded across the project portfolio as a core business principle rather than a separate module. The company operates across 17 states with over 17 GWac in its project pipeline, and maintains a full project lifecycle from greenfield development through construction and into commercial operations.
Differentiator
Problem solved
Functional benefit
Companies that use Doral Renewables
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles4 records
Doral Renewables technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Doral Renewables partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, strategic and supporting.
- Clean Air GenerationcoreUS-based strategic partner and investor in Doral Renewables. Contributes to leadership team and strategic development alongside Doral Group and Migdal Group.
- BechtelcoreSelected as EPC contractor for Cold Creek Solar + Storage project in Texas (430 MW solar + 340 MWh storage). Previously contracted for Mammoth Solar remaining phases. One of world's premier engineering and construction companies.
- SOLV EnergycoreEPC contractor for Mammoth North Solar project (400 MW), first phase of Mammoth Solar complex in Indiana. Specialized solar construction services provider.
- PCL ConstructioncoreSelected as EPC contractor for Great Bend Solar project (48 MW) in Meigs County, Ohio. Major construction firm with renewable energy expertise.
- IHI Power ServicescoreOperations and maintenance provider for Mammoth Solar and Great Bend Solar projects. Provides ongoing asset management services post-commercial operation.
- NovaSource Power ServicescoreSelected as operations and maintenance provider and generator-operator for Mammoth Solar project in Indiana. Provides O&M services for utility-scale solar portfolio.
- American Farmland TruststrategicLong-term partnership announced June 2025 to advance innovation and sustainability for farming communities through Smart Solar initiative. Combines agricultural expertise with solar development.
- H2ProstrategicPartnership between Doral Hydrogen and Israeli startup H2Pro to develop world's first entirely off-grid solar-to-hydrogen plant in Extremadura, Spain. Initial 5 MW DWE system scaling to 50 MW RFNBO facility.
- ConstellationcoreCorporate offtake partner aggregating renewable energy sales to Bank of America, PNC Bank, CVS Health, and Dietz & Watson for Mammoth Central project. Major US competitive energy supplier.
- Energy Systems Network (ESN)supportingIndiana industry-driven advanced energy and transportation initiative. Doral executives serve on board of directors. Supports Indiana energy ecosystem development.
Scale indicators12 records
Recent moves6 records
Doral Renewables competitors and assessment
Company assessmentDirect peers
- Invenergy: Chicago-based private developer, owner, and operator of utility-scale wind, solar, and storage projects across the Americas. Closely comparable to Doral in being a privately held, multi-ISO, multi-state utility-scale renewable IPP executing project-financed developments with corporate PPAs.
- Lightsource bp: Global utility-scale solar developer and owner-operator with significant US operations. Comparable business model of greenfield development through long-term PPA financing, multi-ISO footprint, and major institutional sponsor (bp)—directly analogous to Doral's structure and project types.
- Avantus (formerly 8minute Solar Energy): Large US-based utility-scale solar and storage developer with an extensive pipeline across CAISO and other Western markets. Directly comparable in project size (gigawatt-scale developments), PPA-driven revenue model, and vertical integration through development to operations.
- Hecate Energy: US utility-scale solar and battery storage developer with multi-state pipeline and project sizes ranging from hundreds of MW to over 1 GW. Highly comparable in geographic reach, technology stack (PV + BESS), and project-financed development model.
- Pine Gate Renewables: US-focused utility-scale solar developer with operations across multiple ISOs and a significant project pipeline. Comparable in mid-stage scale, PPA-driven revenue, and reliance on tax-equity and debt project financing for large-scale development.
- Cypress Creek Renewables: US solar developer and operator focused on utility-scale and community solar projects with multi-state presence. Similar in scale and business model—project development through PPA monetization with institutional capital partners.
- Clearway Energy: NYSE-listed renewable energy IPP with operating wind, solar, and storage assets under long-term PPAs. Closely comparable in revenue model (contracted cash flows), asset class (utility-scale solar + storage), and scale; provides a public-market valuation reference for Doral's pipeline.
Broad incumbents
- NextEra Energy Resources: Largest US renewable energy developer (subsidiary of NextEra Energy, NYSE: NEE) operating one of the world's biggest wind and solar portfolios. Operates in the same multi-ISO geographies as Doral and competes for the same corporate PPA offtakers, but at vastly larger scale and with broader generation mix.
- ENGIE North America: US arm of global utility ENGIE with utility-scale renewable development and operations. Competes in similar geographies and for corporate PPAs but operates across a broader portfolio including gas and conventional generation.
- EDF Renewables North America: US subsidiary of EDF Renewables with utility-scale wind, solar, and storage project pipeline across multiple ISOs. Competes with Doral for the same corporate PPA market and development sites, but as part of a much larger global parent with diversified energy business.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Doral Renewables social profiles
Digital presenceDoral Renewables financial estimates
Financial estimateRevenue estimate
Valuation estimate
Doral Renewables leadership team
Management profileNumber of profiles
Profiles22 records
Doral Renewables funding detail
Funding detailFunding overview
Funding rounds8 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Doral Renewables M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Doral Renewables
What does Doral Renewables do?
Doral Renewables develops, finances, constructs, and operates large-scale utility solar photovoltaic and battery energy storage projects in the United States, selling electricity and storage capacity to utilities, corporations, and government off-takers under long-term power purchase agreements. The company differentiates through an integrated agrivoltaics practice that allows farmers to continue agricultural activities (livestock grazing, pollinator habitats, crop production) on land leased for solar development, with technology expertise transferred from its Israeli parent Doral Group's university R&D partnerships.
Is Doral Renewables a public or private company?
Doral Renewables is a private company. It is classified as corporate owned and is currently operating.
When was Doral Renewables founded?
Doral Renewables was founded in 2019. It employs 101 to 250 people.
Where is Doral Renewables based?
Doral Renewables is headquartered in Philadelphia, United States, in the North America region.
How does Doral Renewables make money?
Three revenue lines are on record. Power Purchase Agreements are the primary driver. The others are project Development Fees and tax Equity Investment.
Who are Doral Renewables's main competitors?
Direct peers on record are Invenergy, Lightsource bp, Avantus (formerly 8minute Solar Energy), Hecate Energy, Pine Gate Renewables, Cypress Creek Renewables and Clearway Energy. Broad incumbents are NextEra Energy Resources, ENGIE North America and EDF Renewables North America.
Does Doral Renewables have an API?
No public API is recorded for Doral Renewables.
What industry is Doral Renewables in?
Doral Renewables's product category is Utility-Scale Solar and Battery Storage Project Development. Its primary akta.pro industry code is EUAMABAA, Solar Project Development & IPP (Utility-Scale & Rooftop), with a secondary code of EUAMABAB, Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System). Its NAICS code is 221114 and its SIC code is 4900.