Israeli Doral Pours Billions Into Mammoth Solar Project Expansion in Indiana
Israeli renewable energy firm Doral is investing nearly $1 billion to expand the Mammoth solar project in Indiana, aiming for a record 2.9 gigawatts capacity by 2029.
The Mammoth solar project in Indiana, USA, is set to undergo a massive expansion, positioning itself as the largest solar field in the Western Hemisphere and one of the largest globally. The facility, whose northern section is already operational, is projected to reach a production capacity of 2.9 gigawatts by 2029. This will make it the largest solar field in the United States and the largest outside of China, known for its sprawling solar installations. The initiative is spearheaded by Doral LLC, the American arm of the Israeli Doral Group, with the cost of the upcoming phase estimated at 2 to 3 billion shekels.
Financial Structure and Massive Investment
Israeli renewable energy company Doral, currently on the waiting list for the Tel Aviv 35 index, recently significantly increased its stake in its American subsidiary. Last August, Doral took a controlling majority stake (53%) in the company through a $415 million cash injection and a share allocation from the Israeli parent company. Additional partners include Dutch pension giant APG, holding 35.3%, and Migdal, holding 11.4%. The capital infused into the U.S. firm will fund its continued development stateside without requiring additional capital raises.
"The entry into force of the building permits for the Phase B projects is another significant milestone in expanding our energy hub in Indiana," said Yoni Hatzis, CEO of Doral Group.
Unprecedented Scale and Revenue Projections
Less than two months later, Doral has announced a colossal investment of nearly $1 billion to expand its flagship solar project. According to the company's announcement, it anticipates an addition of approximately 350 million shekels to its annual revenues following the official receipt of construction permits from American authorities. The project will span an immense area, with the expansion alone covering about 53 square kilometers—larger than the entire municipal area of Tel Aviv-Yafo.
With the completion of the new phase, the Indiana energy hub is expected to reach approximately 2.9 gigawatts DC, cementing its status as a global leader in renewable energy infrastructure.
