TSL Express Daily News

NEW YORK, June 26, 2023 – BHI, a full-service commercial bank, announced that its International Commercial & Industrial Team has provided a $40 million credit facility for the issuance of standby letters of credit to a premier global insurance company. The facility, backed by the premier global insurance provider, will support the ongoing efforts of Doral Renewables LLC (“Doral Renewables”), to further develop its renewable energy pipeline in the US.  

Doral Renewables is a leading U.S. renewable energy developer, whose major investor is Doral Group Renewable Energy Resources Ltd (TASE: DORL, “Doral Group”), a publicly traded Israeli renewable energy company.

“We appreciate the BHI team’s ability to understand our specialized financing needs and greatly value our collaborative and productive relationship with BHI,” said Dani Rinot, VP Business Development – North America, at Doral Group.

“The innovative solution collaboratively structured here with BHI will help to advance the development of some of Doral’s largest late-stage projects and ultimately reduce the cost of bringing these projects through to construction,” added Evan Speece, Chief Financial Officer of Doral Renewables. “We are excited to continue to extend Doral Group’s longstanding relationship with BHI into Doral Renewables’ U.S. activities over the coming years.”

“BHI has been intensely focused on the Renewable Energy sector for almost two years and we have successfully closed credit facilities totaling nearly $1 billion. We take great pride in supporting this important cause while growing our business with leading Renewable Energy companies,” said Gal Defes, Senior Vice President, Head of International C&I and Tech Banking at BHI. “This sector is a major growth engine for BHI, and we will continue focusing on excelling within this field.”

“Renewable energy points to a safer future. This important sector is a growth engine for BHI and we are proud of our extensive work,” said Uri Shusterman, First Vice President, Head of the International C&I Team at BHI. “The successful completion of this transaction furthers BHI’s longstanding and respected relationship with Doral and underscores our commitment to tailoring financial solutions that meet our client’s individual requirements. We are very pleased to partner with Doral and support it in advancing its business goals in the US.”

About BHI 
BHI, the U.S division of Bank Hapoalim, Israel's leading financial institution, provides commercial banking solutions to middle market clients in sectors including commercial real estate; general, domestic and Israeli C&I; private equity; food and beverage; apparel; healthcare; corporate banking; and high-tech.  In addition to its New York headquarters, the bank operates U.S. Representative Offices in Woodcliff Lake, New Jersey; Miami, Florida; and Los Angeles, California. For more information, visit www.bhiusa.com. 

About Doral Renewables LLC
Doral Renewables is a U.S. company owned by Doral Renewable Energy Resources Group (TASE:DORL, “Doral Group”), a publicly traded Israeli renewable energy company; Migdal Group, Israel’s largest insurance company and pension manager; U.S based Clean Air Generation LLC, and Apollo Global Management (NYSE:APO). Doral Renewables is developing a 14 GW wind, solar, and storage portfolio across over 25 states, nine electricity markets and covering over 150,000 acres of land.  The Company has signed over $1.5 billion in long-term wholesale power purchase agreements with U.S. customers.