By WALLA! FINANCE.  MAY 12, 2023

 Solar panels (illustrative) (photo credit: FLICKR.COM)
Solar panels (illustrative)
(photo credit: FLICKR.COM)

The Doral Group has just reported that it signed a financial agreement to fund a cluster of solar-integrated storage projects. Construction is estimated at approximately NIS 675 million. 

The lenders’ consortium led by Mizrahi Bank also includes insurance companies that together will provide financing of over NIS 1 billion.

The financial agreement includes the raising of senior debt in the amount of approximately NIS 575 million including a set amount for equity and guarantees.

Doral believes that this contract constitutes a significant milestone in the financing of the company’s integrated storage solar project portfolio in Israel. 

In the first phase, the agreement will be used to finance projects designed to sell electricity at competitive rates guaranteed in the procedures. In the second phase, the agreement will be a basis for another financial contract for projects intended to be integrated into the market series.

 SOLAR PANELS on the roof of a house (credit: MORAG BITON)SOLAR PANELS on the roof of a house (credit: MORAG BITON)

Strengthening the solar energy market

Yaki Neuman, CEO of Doral, stated that this unique, precedent-setting contract signed with Mizrahi Bank and insurance companies strengthens Doral’s position as a leading company in the solar energy market in general, and a pioneer in the field of solar combined with storage in Israel in particular.

Doral can now quickly work to develop its backlog of various projects and connect them to the electricity grid, in accordance with the company’s growth strategy. 

Doral is expected to show significant growth in the indexes by 2024 when total annual revenues from established ventures, which are expected to connect to the network up to and during the year 2024 are projected to be about NIS 675 million, and about NIS 1.1 billion in 2025.

Since 2007, Doral has been a leading global entrepreneurial company in the field of renewable energy and is traded on the Tel Aviv Stock Exchange. 

The company currently holds approximately 18.6 gigawatts (DC) combined with 13.1 hours (GWh) of storage, of which about 15 gigawatts DC is combined with 8.2 gigawatt hours of storage in the USA, and the rest in Israel and Europe: Italy, Poland, Romania and Denmark.

Besides its business operations which include among other things the establishment of the largest solar project in the USA, Doral owns hundreds of profitable installations and is establishing the largest portfolio of solar energy projects in Israel combined with energy storage. 

Doral will produce and supply the largest amount of green electricity to significant consumers in the Israeli economy from its renewable energy facilities throughout the country, through the green electricity supplier it established.