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

BHI, the commercial banking arm of Bank Hapoalim in the United States, announced it will extend a $40 million guarantee framework to a leading global insurance company. This financial backing aims to support Doral Renewables LLC, part of the Doral Energy Group, in advancing its portfolio of renewable energy projects across the US.

BHI focuses on commercial clients in sectors including high-tech, real estate, renewable energy, food retail, and industry, operating branches in New York, California, Florida, and New Jersey. Doral Renewables is a US-based developer of renewable energy facilities, 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 their productive relationship. Evan Spies, CFO of Doral Renewables, highlighted that the innovative solution developed with BHI will accelerate several advanced-stage projects and reduce construction costs, expressing enthusiasm for expanding their longstanding partnership.

Gal Defas, Head of International and Technology Banking at BHI, noted that the bank has focused on the renewable energy sector for about two years, successfully providing nearly $1 billion in credit facilities. He emphasized the sector as a key growth engine for BHI. Uri Shusterman, Head of International Trade and Industry at BHI, underscored renewable energy's importance for a safer future and the bank's commitment to tailored financial solutions for clients like Doral.

Doral Energy, established in 2007, is a global leader in renewable energy, with a project pipeline totaling approximately 18.6 gigawatts DC combined with 13.1 gigawatt-hours of storage capacity. 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).