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- Doral Renewables
Doral Renewables Revenue, Valuation, Funding & Investors
Doral Renewables is valued at $333M as of February 2022, a 11.9x multiple on its last reported $28M revenue.
Last Doral Renewables valuation
$333M
Strategic investment · Feb 2022
Last Doral Renewables funding round
$400M
Strategic investment · Aug 2026
Doral Renewables revenue
$28M
Strategic investment · Feb 2022
Key investors in Doral Renewables
APG Asset Management
Fifth Third Bank
Migdal Group
Doral Group Renewable
About Doral Renewables
Doral Renewables is a US developer, owner, and operator of utility-scale solar, wind, and battery storage projects known for agrivoltaics, integrating solar power generation with farming on the same land. The company operates across 18 states and nine electricity markets, with a project pipeline spanning gigawatts of capacity, including what it has marketed as the largest solar PV project in the United States. Doral is backed by shareholders including the Doral Group, Migdal Group, and Apollo Funds, and has secured billions of dollars in long-term power purchase agreements with US customers.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$28M (Feb 2022)
Valuation
$333M (Feb 2022)
Doral Renewables Valuation
Doral Renewables is currently valued at $333M, based on its strategic investment round in February 2022.
The $75M round was led by Migdal Group.
Doral Renewables valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2022 | Strategic investment | $333M | 11.9x |
Doral Renewables Revenue
Doral Renewables' latest recorded revenue is $28M, as of its strategic investment round in February 2022. At a $333M valuation, that implies a 11.9x revenue multiple.
Doral Renewables revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2022 | $28M | $333M | 11.9x | Strategic investment |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Doral Renewables Funding History
Doral Renewables has raised a total of $905M across 4 funding rounds.
Doral Renewables' first fundraising round was a $75M strategic investment round in February 2022. The most recent completed round was a $400M strategic investment round in August 2026.
Doral Renewables funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2026 | Strategic investment | Doral Group Renewable (lead) | $400M | - | Doral Renewables LLC signed a $400 million common equity investment from Doral Group Renewable Energy Resources Ltd on August 10, 2026, with the company issuing common shares in the transaction. The capital raise is additive to Doral Group’s existing ownership position, and part of a broader capital formation strategy tied to Safe Harbor timelines and additional megawatts coming online across the U.S.; in parallel, Clean Air Generation LLC, owned by CEO and co-founder Nicholas Cohen, will exchange its Doral Renewables membership interests for a mix of cash and Doral Group stock. The investment supports Doral Renewables’ growth as a U.S. utility-scale solar and battery storage developer and independent power producer. The company describes itself as backed by sponsors including APG, the Doral Group, Migdal Group, and Apollo Funds, with a portfolio of over 17 GWac, including 400 MW under operation and an additional 1.3 GW under construction. Recent financing activity around the business also includes a nearly $900 million financing package for the Cold Creek Solar + Storage project and approximately $525 million in cross-border letter of credit facilities to support expansion. |
| Apr 2025 | Undisclosed stage | Fifth Third Bank (lead) | $30M | - | - |
| Jun 2024 | Undisclosed stage | APG Asset Management (lead) | $400M | - | Doral Renewables LLC is a leading U.S. developer, owner, and operator of renewable energy and storage projects specializing in partnerships with farming communities across the country. The company pioneered agrivoltaics, integrating solar PV generation with farming on the same land, and operates across 18 states and 9 electricity markets. The company's ownership structure includes the Doral Renewable Energy Resources Group (an Israeli publicly traded entity), Migdal Group (Israel's largest insurance company and pension manager), Apollo Global Management, and other U.S. co-owners. On June 24, 2024, APG Asset Management, acting on behalf of ABP (the Netherlands' largest pension fund), announced a $400 million minority equity investment in Doral Renewables. APG also committed to providing pro rata corporate credit support and had the option to invest up to an additional $185 million over time, positioning itself as Doral's largest independent individual shareholder. The deal was finalized in late 2024 and qualified as both a Signature Investment and Impact Investment under ABP's framework. At the time of the investment announcement, Doral Renewables operated a substantial pipeline spanning over 13 GW of projects, including approximately 1.3 to 1.35 GW under active construction and roughly 2 GW of mature projects scheduled to commence construction within 12 months. The company was developing what was marketed as the United States' largest solar PV project—the 1.65 GW Mammoth site in Indiana. Additionally, Doral had secured over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers. The investment aimed to accelerate Doral's development and construction pipeline while supporting its ESG strategy, particularly the integration of the social component through agrivoltaics that revitalizes family farming. |
| Feb 2022 | Strategic investment | Migdal Group (lead) | $75M | $333M | - |
Who has invested in Doral Renewables?
4 investors have backed Doral Renewables across its funding rounds, including APG Asset Management, Fifth Third Bank, Migdal Group and Doral Group Renewable.
Lead investors include Doral Group Renewable, Fifth Third Bank, APG Asset Management and Migdal Group.
Doral Renewables Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Jun 2024 | ||
| 1 | Lead | Aug 2026 | ||
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Start Free TrialDoral Renewables Competitors
Doral Renewables competitors include listed companies like Montauk Renewables and Gevo, and private ones like Hydro Rein, Stockyard Hill Wind Farm, Arbor Energy and Innovo Renewables.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $333M | - | ||
| Private | - | - | $330M | - | ||
| Private | - | - | $340M | - | ||
| Publicly listed | $176M | $32M | $313M | 2.3x | ||
| Private | - | - | $311M | - | ||
| Publicly listed | $161M | $7M | $393M | 2.7x |
Doral Renewables Public Comps
Doral Renewables is still privately-owned, but its public comps include IC Enterra, PrimeEnergy Resources, FTAI Infrastructure, Kistos Holdings, Omega Oil & Gas, Montauk Renewables, Capricorn Energy, Gas Plus, Aydem Yenilenebilir Enerji and Gran Tierra Energy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $86M | $52M | 6.5x | 5.1x | 10.9x | 6.9x | |||
| $186M | $107M | 1.7x | 1.8x | 3.0x | 3.3x | |||
| $503M | $243M | 8.2x | 6.3x | 17.0x | 14.5x | |||
| $216M | $99M | 3.7x | 2.0x | 8.1x | 2.9x | |||
| $56K | ($4M) | 5058.3x | 348.5x | (79.4x) | (47.0x) | |||
| $176M | $32M | 2.6x | 2.3x | 14.1x | 9.5x | |||
| $136M | $55M | 2.4x | 2.0x | 5.9x | 2.7x | |||
| $192M | $93M | 1.8x | 1.6x | 3.7x | 3.1x | |||
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Common questions about Doral Renewables
| When was Doral Renewables founded? | Doral Renewables was founded in 2019. |
| Where is Doral Renewables headquartered? | Doral Renewables is headquartered in United States. |
| Is Doral Renewables publicly listed? | No, Doral Renewables is a private, VC-backed company. |
| What is Doral Renewables' valuation? | Doral Renewables was last valued at $333M in its strategic investment round in February 2022. |
| How much funding has Doral Renewables raised? | Doral Renewables has raised $905M across 4 funding rounds. |
| What was Doral Renewables' last funding round? | Doral Renewables' last funding round was a $400M strategic investment round in August 2026, led by Doral Group Renewable. |
| Who are Doral Renewables' investors? | Doral Renewables' investors include APG Asset Management, Doral Group Renewable, Migdal Group and Fifth Third Bank. |
| What is Doral Renewables' revenue? | Doral Renewables' latest recorded revenue is $28M (February 2022). |
| What is Doral Renewables' revenue multiple? | Doral Renewables' latest valuation implies a 11.9x revenue multiple ($333M valuation on $28M of revenue). |
| Which companies are comparable to Doral Renewables? | Companies comparable to Doral Renewables include Hydro Rein, Stockyard Hill Wind Farm, Arbor Energy, Montauk Renewables, Innovo Renewables and Gevo. |
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