Pension investment firm APG announced today a $400 million investment in U.S. renewable energy and storage developer Doral Renewables, aimed at accelerating the development and construction of Doral’s renewable energy pipeline.

Based in Philadelphia, Doral Renewables is an Independent Power Producer (IPP), partnering with U.S. farm communities to build large-scale, greenfield projects to advance the energy transition, with a focus on solar and storage development. In the company’s agrivoltaics projects, traditional farming practices are implemented in and around the solar farm to maximize land use, enhance biodiversity and preserve heritage farming.

Doral’s project pipeline totals over 12 gigawatt (GW) and includes 1.35 GW of projects under construction and approximately 2 additional GW of mature projects slated to start construction within the next 12 months. One of the projects is Doral’s Mammoth Central Solar project in Indiana which, the company said, will be the largest solar farm in the U.S. with 1.3GW on completion.

Evan Speece, Chief Financial Officer of Doral Renewables said:

“We are thrilled to welcome APG as a partner and now the largest individual shareholder in Doral LLC.  APG’s sophistication as an investor and its experience in the U.S. renewable energy market will together with the strength and support of our existing partners continue to propel our success.”

The minority equity investment is being made on behalf of APG’s largest pension fund client, ABP, and will make APG Doral’s largest independent investor. APG will have the option to invest up to an additional $185 million of capital into the business over time.

Steven Hason, Managing Director, Head of Americas Real Assets at APG said:

“This investment on behalf of ABP is very well aligned with our joint ambition to contribute to the energy transition globally. We look forward to expanding our renewables portfolio and to working with Doral Renewables, a like-minded partner.”