BHI Provides $40 Million Guarantee Framework to Support Doral Renewables' US Projects

BHI, the commercial banking arm of Bank Hapoalim in the United States, has established a $40 million guarantee framework to support Doral Renewables LLC, part of the Doral Energy Group, in advancing its renewable energy project pipeline across the US. This financial backing aims to facilitate the development of Doral's renewable energy facilities, helping reduce construction costs and accelerate projects in advanced stages.

BHI operates commercial banking services focused on sectors including high-tech, real estate, renewable energy, food retail, and industry, with branches in New York, California, Florida, and New Jersey. Doral Renewables is a US-based developer of renewable energy plants, with its main investor being Doral Renewable Energy Resources Ltd., a publicly traded company on the Tel Aviv Stock Exchange.

Dani Reinot, Vice President of Business Development for North America at Doral Group, praised BHI's understanding of their unique financing needs and the productive relationship between the companies. Evan Spies, CFO of Doral Renewables, highlighted the innovative financial solution created with BHI as instrumental in advancing key projects and lowering construction expenses.

BHI executives emphasized their strategic focus on the renewable energy sector, noting that over the past two years, they have successfully provided nearly $1 billion in credit frameworks to this industry. Gal Defas, Head of International and Technology Banking at BHI, stated that renewable energy is a core growth driver for the bank, while Uri Shusterman, Head of International Trade and Industry at BHI, underscored the importance of renewable energy for a safer future and the bank's commitment to tailored financial solutions.

Doral Energy, founded in 2007, is a global leader in renewable energy development with a project portfolio totaling approximately 18.6 gigawatts DC and 13.1 gigawatt-hours of storage capacity. Of this, about 15 gigawatts DC and 8.2 gigawatt-hours of storage are located in the US, with additional projects in Israel and Europe (Italy, Poland, Romania, and Denmark).