Doral Invests $415 Million to Take Control of U.S. Subsidiary

Israeli renewable-energy company Doral said it will invest about $415 million in cash and parent-company shares to increase its holding in Doral LLC from about 26% to roughly 53%, giving it control of the U.S. subsidiary. Dutch pension investor APG will hold about 35% and Migdal about 11%. Doral said the transaction will simplify ownership and finance U.S. solar and storage projects without additional equity raises. The company expects an NIS 80 million to NIS 120 million accounting gain and about NIS 620 million in annual EBITDA from its mature U.S. project pipeline after full implementation.