Doral Energy Secures Building Permits for 1.1 GW in Indiana, Projects $300M Annual EBITDA

Doral Energy has announced the activation of building permits for two additional projects in Indiana, collectively totaling approximately 1.1 gigawatts DC. This marks Phase B of the Mammoth project, which will expand Doral's energy hub in the state to an estimated 2.9 gigawatts.

The permits, effective October 2nd, were granted for the Mammoth Grazing and Mammoth Pastures projects, with capacities of about 840 megawatts and 294 megawatts, respectively. These projects are fully owned by Doral LLC, the company's U.S. subsidiary, in which Doral Energy indirectly holds a roughly 53% stake. The financial forecasts presented by the company are at the project level, not necessarily reflecting the portion attributable to Doral Energy's shareholders.

According to Doral, Phase B projects have secured eligibility for U.S. federal tax benefits and are slated to connect to the MISO grid. Preliminary construction is expected to commence in the coming months, with a target for commercial operation in 2029. Doral estimates that in their first representative year of operation, these two projects will generate approximately 350 million shekels in revenue and 300 million shekels in EBITDA. The company cautions that these timelines and forecasts are contingent upon grid connection processes, regulatory approvals, third-party agreements, and land rights completion.

Phase B joins Phase A of the Mammoth project, which has a capacity of about 1.6 gigawatts. The Indiana North project is already operational, while construction for Indiana Central and South is complete and nearing commercial operation. The total planned capacity of 2.9 gigawatts also includes an additional 216-megawatt project for which a building permit is still pending.

Yoni Hantzis, CEO of Doral Group, stated that the building permits for Phase B are a significant milestone in expanding their Indiana energy hub. He added that upon completion, the hub will span an area larger than Tel Aviv-Yafo and be among the world's largest solar projects, demonstrating Doral's capability to develop and execute large-scale energy projects and monetize its U.S. project pipeline.