Israel-based Doral Renewables LLC has received more investment for its massive solar project in northwest Indiana. Migdal Insurance, also based in Israel, says it has committed up to $75 million in additional funding in the second phase of the Mammoth Solar project, bringing its total direct investment to $175 million.
Mammoth Solar is a $1.5 billion project being built on 13,000 acres in Starke and Pulaski counties. Officials broke ground in October on the project’s first phase, which is expected to produce 400 megawatts of energy when it becomes operational.
Migdal’s new investment commitment is being made in exchange for a 22.5% ownership stake in the project. The second phase, construction for which is expected to begin this year, will be able to produce 300 megawatts of electricity when operational.
“We are delighted to deepen our investment in Doral LLC’s activities,” said Erez Migdali, deputy chief investment officer and head of private assets at Migdal. “This significant, growing partnership is an indication of our trust in the renewables industry and in Doral. I have no doubts that this deal, signed in the first days of 2022, is the first among many new investments we intend to promote in the upcoming year.”
Mammoth Solar, which will also include a third phase, will ultimately have the capacity to generate 1.65 gigawatts of power, or enough electricity to power some 175,000 homes in Indiana and Illinois.