NEWS RELEASE

FOR IMMEDIATE RELEASE

October 14, 2021

 

Israeli Energy Company Chooses Indiana for Largest US Solar Farm, Major Investment in Increased Energy Innovation

$1.5 billion investment in northwest region adds to Indiana’s foreign direct investment momentum

KNOX, Ind. (Oct. 14, 2021) – Governor Eric J. Holcomb and Secretary of Commerce Brad Chambers today joined Israeli and local officials, as well as executives from Israel-based Doral Renewables LLC, a developer of renewable energy projects, to break ground on phase one of the company’s three-phase solar farm project, Mammoth Solar, which is expected to deliver a $1.5 billion investment in the company’s Indiana operations over the next five years. “It’s an incredibly electrifying day for the state of Indiana as we celebrate Doral Renewables’ significant investment in the future of energy generation and the state of Indiana,” said Gov. Holcomb. “Knowing Indiana will continue to play a key role in the global energy sector while creating real change in our Hoosier communities is empowering. It’s encouraging to witness the power industry moving toward reliable, affordable and ever more clean renewable energy sources for generations of Hoosiers to come.” Israel-based Doral Group, which was the first company to energize a commercial solar farm in Israel more than 13 years ago, identified 13,000 acres across Starke and Pulaski counties in Northern Indiana the Mammoth Solar project to bring 1.3 gigawatts of clean energy to the region. The company plans to invest $475 million in phase one of the project, which will produce 400 megawatts of clean energy and is expected to become operational by mid-2023. In addition to providing renewable energy, the project is projected to remove 40,000 tons of greenhouse gas emissions and conserve 1 billion gallons of irrigation well water annually. Phases two and three, expected to begin during 2022, will produce approximately 900 megawatts of clean energy upon completion and will draw additional investments of approximately $1 billion. “This project will be a model for solar energy in Indiana and the Midwest as a whole,” said Nick Cohen, CEO of Doral LLC, the US based partner of the Doral Group. “The 400 megawatts of energy produced here during the first phase of the project is enough to power 75,000 Midwestern households and will infuse millions of much-needed dollars into local Indiana communities. We are grateful for the support from Gov. Holcomb and Starke County officials who have established Indiana and the county as one of
the most competitive places to invest in renewable energy projects. Support from local landowners and community leaders was also instrumental in making this project happen, and we look forward to working with them for decades to come.” Doral Renewables is working with AEP Energy Partners Inc., a subsidiary of American Electric Power and one of the largest electric energy wholesale suppliers in the U.S. Mammoth Solar Farm will make a significant contribution to the nation’s renewable energy portfolio, enabling local utilities, commerce and industry to procure power generated in the Midwest that would otherwise be generated in neighboring regions. It will provide opportunities for Midwestern companies to meet renewable targets with the lowest cost of renewable power anywhere. The solar farm, which will generate 1.65 GW dc of clean energy for 175,000 households across Indiana and Illinois. Doral LLC will support the three-phase project with approximately 500 jobs during the construction period and up to 50 new, full-time jobs once fully operational. “The impact of the energy harvested from this truly 21st century energy solution will reach far beyond the 312 square miles of Starke County to businesses and residences throughout the country,” said Starke County Commissioner Mark Gourley. The Indiana Economic Development Corporation is working with Doral Renewables LLC to finalize a committed investment in the form of incentive-based tax credits based on the company’s plans to create up to 50 new jobs by the end of 2023. Starke and Pulaski Counties are also considering additional incentives.

About Doral Renewables LLC

Doral Renewables LLC was founded in 2019 as a joint venture between Doral Group and Clean Air Generation. Doral LLC currently has over 6 gigawatts of projects under development and over 30,000 acres of land control, mainly in Midwest and Mid-Atlantic regions. The management team of Doral LLC includes experienced multidisciplinary individuals who worked together for many years in the renewables industry in the United States.

About Doral Group

Doral Group is a publicly traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue generating renewable energy assets. With over 9 GWdc under development, Doral Group is active, in Israel, Europe, and the United States. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel’s biggest solar + storage tenders to build approximately 800MW(DC) + 1,500MW of storage facilities in Israel.

About IEDC

The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, helping businesses launch, grow and locate in the state. Led by Secretary of Commerce Brad Chambers and governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.

Media Contact:

Media Contacts: Maya Ziv Wolf (Doral) – maya@doral-energy.com

Erin Sweitzer (IEDC) – 317.296.2556 or esweitzer@iedc.in.gov

September 2, 2021

Former Israeli Mossad Chief, Yossi Cohen, Appointed as Director at Doral Renewables LLC

Philadelphia, September 2, 2021, Mr. Yossi Cohen, former Head of Israeli Mossad, the national intelligence agency of Israel, was appointed today as a Director at Doral Renewables LLC (Doral LLC), the U.S subsidiary of Doral Group, a leading Israeli renewable energy developer. Cohen will strengthen the company’s management team and will take an active part in promoting the company’s goals across multiple initiatives, including business development, financial matters, capital raising, and promoting partnerships and agreements with leading entities and companies in the energy sector.
Cohen’s decision to join Doral LLC was made in light of Doral’s dominance in the renewable energy space, and its contribution to combating global climate change. Considering the existing and potential strategic threat posed by global warming, Cohen acknowledges the need to further accelerate the development and deployment of renewable energy generation sources and innovative ‘green’ technologies to combat global warming.
Dori Davidovitz, Chairman of Doral Group: “We are proud of the appointment of Yossi Cohen, Former Mossad chief and Israel Prize winner, as a Director at Doral LLC. The company is undergoing significant growth, and we have no doubt that Yossi Cohen’s immense management experience shall greatly benefit and contribute to the company’s leadership efforts. Doral LLC’s existing portfolio of projects in development represents 3% of the U.S renewable energy goals and we will invest billions of dollars in the upcoming years to significantly increase this share. I have no doubt that Yossi will have a crucial impact on the company’s progress”.

Doral LLC (Formerly named Global Energy generation LLC) was founded in 2019 as a joint venture between Doral Group and Clean Air Generation LLC. Doral LLC currently has over 3 GWdc of projects under development and 30,000 acres of land control, mainly in the Midwest and Mid-Atlantic U.S. The management team of Doral LLC includes experienced multidisciplinary individuals who have worked together for several years in the renewables industry. The company recently completed a monumental deal with the leading Israeli insurance firm, Migdal Insurance, in which Migdal agreed to invest a total amount of approximately $355 million in Doral LLC. The transaction included the acquisition of 20% of Doral LLC, extension of credit facilities and direct investments in projects.
Doral Group is a publicly traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue generating renewable energy assets. With over 6 GWdc under development, Doral Group is active, in Israel, Europe, and the United States. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel’s biggest solar + storage tenders to build approximately 800MW(DC) + 1,500MW of storage facilities in Israel.

Media Contact:

Maya Ziv Wolf, Communications Manager
maya@doral-energy.com

 

Global Energy Generation LLC
April 15, 2021

Global Energy Generation LLC Appoints Ignacio Ibarguren VP, M&A and Finance

The IPP developer, owner, and operator seeks to grow its portfolio through the acquisition of development, operating renewable, and storage assets throughout the US.

Philadelphia, April 15, 2021. Global Energy Generation LLC, a developer and operator of clean energy generation assets, welcomes Ignacio Ibarguren as VP, M&A and Finance.

Ignacio was previously Sr. Director, Business Development at Tyr Energy, Inc (“Tyr”). Ignacio has 15+ years’ experience in the global power business having held a variety of positions ranging from Treasury, Asset Management, Power Origination and M&A. At Tyr, Ignacio was deal lead for cash and tax equity transactions, pursued Tyr’s expansion into Latin America, and was asset manager for several gas fired assets in CAISO and PJM. Ignacio holds a Licentiate in Economics from Universidad de Córdoba (Argentina), an MBA with a concentration in Finance from the University of Kansas and is a CFA Charter Holder.

“Mr. Ibarguren’s role as a leader in our organization assures that our focus on growth continues to identify only the best opportunities. From asset management to operations, our experienced team can rely on Ignacio for excellence. Over the coming months we will be deploying some of the biggest renewable assets in America.,” – Nick Cohen, President & CEO.

Ignacio will be responsible for growing Global Energy Generation’s development and operating asset portfolio and leading other major commercial efforts. Global Energy Generation’s portfolio comprises of over three (3) gigawatts of projects under development, mostly in the Mid-Atlantic and Midwest regions.

“Global Energy Generation LLC, a member of the Doral Group, follows the same success model that propelled Doral Group into a renewable energy leader both in Israel and abroad. We aim to hire the best people and execute with a long-range owner view.”
– Yaki Noyman, CEO, Doral Group

Global Energy Generation LLC

The Company combines the advanced engineering, development and operating experience of Doral Group with a team of US-based renewable energy & battery storage project developers, leveraging extensive experience throughout the U.S.

Doral Group is a publicly traded (TASE) leading international developer and owner operator of over 400 energy facilities globally. The GEG management team has over 100 years in combined experience with transactional histories and deep relationships with infrastructure funds, investment banks, tax equity investors and energy industry experts.

GEG has initiated over three gigawatts (dc) of renewables projects in the US, primarily in the Mid-Atlantic and Midwest regions, and continues to add world-class projects to its portfolio every year.

Media Contact:

Nick Cohen
President
ncohen@gegrenewables.com
570-840-5835
www.gegrenewables.com

New Market Member – Global Energy Generation, LLC

NAEMA is very pleased to announce that Global Energy Generation, LLCis NAEMA’s newest Market Member.

Click on this link for an updated NAEMA Membership List.

Global Energy Generation’sMember Representative is Ignacio Ibarguren and their Alternate Member Representative is Nick Cohen.

Contact information is as follows:

Ignacio Ibarguren
VP, M&A and Finance
iibarguren@gegrenewables.com
(913) 620-3315
Nick Cohen
President
ncohen@gegrenewables.com
(570) 840-5835