Doral Group Renewable Energy Resources (TASE: DORL) has signed a contract worth NIS 1.5 billion with a US contractor for the construction of a large solar field (553 megawatt output) at Cold Creek in Texas. The project will include storage capacity of 340 megawatt-hours, and will be spread over more than 5,000 acres.
Earlier this month, Doral signed a 12-year agreement with customers of the power grid in Texas that, from 2028, will be worth $400 million annually to Doral’s US unit. Doral stated at the time: "These receipts are in addition to other significant revenue components from the project, among other things from the storage component, which will be based om open market prices or future contracts that the project corporation will enter into, during the period of the agreement and after it." The project will be connected to the Electric Reliability Council of Texas, the state’s main power grid. The large storage capacity will facilitate the purchase of electricity during off-peak hours, to be sold at a profit at peak hours.
According to Doral’s announcement, construction will begin during the first quarter of 2026, and the contractor has committed to complete it by the second quarter of 2028, when the power sale contract commences. Completing construction by 2028 is especially important because of the ending of tax benefits for solar projects in 2030.
Solar field in northern Chile
Another Israeli solar company that has signed a large overseas contract is Solaer Renewable Energies (TASE: SOLR), which has received final environmental approval for construction of a large solar field in the Atacama Desert in northern Chile. The Enapac project will have an output of 150 megawatts and storage capacity of 500 megawatt hours. It will cost $2.4 billion to build, and will generate annual revenue of $565 million.
In Israel, Arava Power has completed a NIS 115 million investment round led by the infrastructure investment arm of Giza Singer Even and Meitav Provident Funds and Pension, Kibbutz Hatzerim and Kibbutz Be’eri, and with the participation of existing investors, among them The Phoenix Holdings and JNF-KKL. This follows the success of the 270-megawatt Sunray project in the US. The proceeds will be used to upgrade existing projects and construct new ones in Israel and overseas.
Published by Globes, Israel business news - en.globes.co.il - on October 27, 2025.
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