Doral reported this morning on the signing of a Procurement and Construction Planning Agreement (EPC) and an order to begin construction work on Mammoth North, the first part of the huge Indiana Mammoth Solar project, with Solv Energy LLC, one of the leading U.S. contracting companies.
Mammoth North is a 480 MW (DC) project and is the first part of the Mammoth Solar flagship project in Indiana, USA, which has an expected capacity of about 1,600 MW (DC).
In exchange for the construction work, a total of approximately NIS 850 million will be paid, subject to the contractor’s compliance with the milestones set forth in the agreement.
The signing of the agreement and the start of construction work constitute a significant milestone towards the commercial operation of the project, which the company estimates is expected in 2023.
The start-up order comes after last year Doral signed a PPA with AEP, one of the leading U.S. power companies for Mammoth North, and contracted with Risen Energy America, Inc., the global Risen Group, which has been one of the world’s leading and most prominent solar panel suppliers. The latest for the purchase of solar panels for the project.
In the past year, Migdal Insurance entered a direct partner in the first and second part of the project with a direct investment of up to $ 175 million, as part of its overall investment in Doral’s American subsidiary. Migdal’s total investment in capital and debt in Dora LLC and in projects it owns amounts to up to approximately $ 415 million. This is one of the largest investment transactions in Israel in the field of renewable energy.
The Mammoth Solar project, located in the Stark and Polaski districts of northern Indiana, covers an area of about 50,000 dunams, an area similar in size to the entire area of Tel Aviv-Yafo, and is expected to produce about 1.6 gigawt (DC) of clean energy – enough to provide Electricity for 275,000 households in the Midwest each year. This is one of the largest photovoltaic projects in the United States, and the largest initiated, established and held by an Israeli-controlled company in the United States.
The project kicks off with the support and blessing of Indiana Governor Eric Holcomb who even expressed public support for Doral and the venture in his annual speech to the nation
Yaki Neumann, CEO of Doral: “We are pleased to announce the start of construction work on the Mammoth Solar project, which is one of the largest photovoltaic projects in the world. We meet the project’s goals, towards the commercial launch of the first part of the project as early as 2023. Doral’s uniqueness is that it initiates and develops projects itself, at all stages, from locating the land to completing and holding the project. We see the American market as a growth engine that is a key and strategic goal for us, and we are happy to be a key and dominant player in the United States, as well as in Israel and Europe. ”