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Marathon Capital Announces the Closing of Minority Stake Acquisition by Migdal Insurance into Doral LLC

June 07, 2021


Mergers and Acquisitions

CHICAGO, IL – June 7, 2021 - Marathon Capital, LLC (“Marathon Capital”) is pleased to announce the closing of the acquisition by Israeli asset manager Migdal Insurance (“Migdal”) for a 20% stake in Global Energy Generation LLC (“Doral LLC”) at $110m, out of which an amount of $40m shall be invested in Doral LLC upon achievement of certain pre-defined milestones. Marathon Capital acted as exclusive advisor to Doral LLC on the transaction.

Migdal will also participate in the Company’s inaugural solar project in the U.S., Mammoth North Solar, which has a generating capacity of 400MWac. This project is the first phase of Doral LLC’s greenfield development solar project in Indiana, with an aggregate generating capacity of 1,300MWac. Doral LLC will retain its majority holding position and control of the project.

Marathon Capital provided sell-side valuation and structure advisory to Doral LLC in support of Midgal’s investment in the platform, as well as the subsequent project equity investments. Marathon Capital is also engaged to provide continued third-party project finance support to Mammoth North.

Mammoth North is expected to begin construction in Q4 of ’21 and reach COD in Q1 ‘23.

As part of the transaction, Migdal will also provide Doral LLC with a credit facility of an additional $130m, reflecting a total investment of approximately $355m. In the event of an initial public offering (IPO) of Doral LLC, Migdal will invest an additional amount of up to $20m, at a minimum valuation ranging between $1.5bn to $2bn. All terms are subject to the provisions in the investment agreement.

“Marathon Capital has worked in support of the broader renewables and sustainability sector since its founding, and we are always proud to share, in small part, in the success of our clients as a win for the sector as a whole. Doral LLC’s impressive entry into the U.S. market is an example of one of those successes, and we look forward to continuing to support their efforts” said Felipe Arrazola, Director at Marathon Capital.


About Doral LLC:
Doral LLC, the entrepreneurial platform of Doral Renewable Energy Resources Group Ltd (Doral Group) in the U.S, was founded by 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 Midwest and Mid-Atlantic U.S. The management team of Doral LLC includes experienced multidisciplinary individuals who worked together for many years in the renewables industry in the US.
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 6.5 GWdc under development, Doral Group is active, inter alia, 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 750MW(dc) + 1,400MWh of storage facilities in Israel.

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