Doral Renewables draws $1.5 billion valuation in Apollo convertible note deal

Doral Renewables said Tuesday it agreed to sell up to $500 million in convertible notes to Apollo Global Management Inc. APO, +2.69% and Israel-based Migdal Insurance in a deal that values the Philadelphia solar power and storage developer at $1.5 billion. Apollo partner Corinne Still is joining the board of Doral Renewables as part of the deal. In June, Bank of America Corp. BAC, +3.15% provided $175 million of tax equity plus $75 million in standby letters of credit for Doral’s flagship Mammoth North solar project in Indiana. Shares of Apollo Global Management are down 32.5% in 2022, compared to a drop of 22.8% by the S&P 500 SPX, +1.21%.