N EWS R ELEASE

August 09, 2021

COLUMBUS, Ohio, Aug. 9, 2021– AEP Energy, a subsidiary of American Electric Power (Nasdaq: AEP) and one of the largest electric energy wholesale suppliers in the U.S., and Doral Renewables LLC (formerly named, Global Energy Generation LLC) (now d/b/a/ Doral LLC), a leading developer of renewable energy projects, primarily in the Midwest and Mid-Atlantic regions, announced today that they have signed an additional long-term renewable energy purchase agreement for the second phase of the Mammoth solar project in Indiana.

The 360-megawatt direct current (MWdc) Mammoth Solar II is part of the 1.65-gigawatt direct current (GWdc) Mammoth project being developed by Doral LLC in Starke and Pulaski counties in northern Indiana.  

This agreement follows the long-term renewable energy purchase agreement previously executed between the parties in April 2021 for the first phase of the Mammoth Solar project which covered 480-megawatt direct current (MWdc).

Mammoth Solar II is expected to begin construction during 2022 and reach commercial operation in 2024.

“AEP Energy is focused on delivering innovative energy solutions and continues to expand our portfolio of renewable energy resources to power possibilities for our customers. We look forward to our ongoing collaboration with Doral LLC on this project as we build a cleaner, more sustainable energy future together,” said Greg Hall, executive vice president, Energy Supply, AEP.

“We are proud to have such strong community and government support to make this project a reality.  The economic impact through jobs, vendor contracts and taxes will work to revitalize the area.  Pulaski County is utilizing its competitive advantage of being at the intersection of two electrical grid systems and having flat farmland as far as the eye can see.  Instead of buying power from farmers in other states, Indiana and its farmers, through projects like Mammoth, have a real opportunity to be energy independent and even export power to neighboring states.  Indiana is taking the lead as a true economic powerhouse,” said Nick Cohen, President & CEO, Doral LLC. 

"Doral LLC is once again demonstrating its continued effort to become a prominent utility scale developer in the region," said Yaki Noyman, Chief Executive Officer of Doral Renewable Energy Resources Group. "We are proud to partner again with AEP Energy and continue the development of this monumental project. We are confident that Doral LLC shall secure additional power purchase agreements in the near future to fully commercialize the entire Mammoth project."

AEP Energy, a subsidiary of American Electric Power (Nasdaq: AEP), and its affiliates deliver a wide array of innovative competitive energy solutions nationwide. As a competitive retail and wholesale electricity and natural gas supplier, AEP Energy serves over 700,000 residential and business customers in 28 service territories in six states and Washington, D.C.  As one of the largest wholesale suppliers in the country, AEP Energy also specializes in offering customized wholesale power supply products based on the specific needs of our customers’ electric systems within ERCOT, MISO, PJM and SPP. AEP Energy also sells renewable energy through long-term contracts with utilities, electric cooperatives, municipalities and corporate customers. With a commitment to a clean energy future, AEP Energy and its affiliates currently own over 1,900 megawatts of wind, solar and energy storage on both a utility scale and distributed scale basis. Solving energy problems for customers, AEP Energy and its affiliates own and operate over 90 behind-the-meter projects in 26 different states and has an active development pipeline across the U.S. Based in Columbus, Ohio, Chicago, Illinois and San Diego, California, AEP Energy takes pride in making it easy for customers and partners to buy, manage and use energy. For more information, visit www.aepenergy.com.

Doral LLC was founded in 2019 as a joint venture between Doral Group and Clean Energy Generation LLC. Doral LLC currently has over 3 GWdc of projects under development and 30,000 acres of land control, mainly in Midwest and Mid-Atlantic U.S. The management team of Doral LLC includes experienced multidisciplinary individuals who worked together for many years in the renewables industry in the US.

Doral Group, is a publicly traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue-generating renewable energy assets. With over 6 GWdc under development, Doral Group is active, inter alia, in Israel, Europe, and the United States. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel’s biggest solar + storage tenders to build approximately 800MW(DC) + 1,500MW of storage facilities in Israel.

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