Shares of Doral Group Renewable Energy surged 8.0% to ILS 5,801 on November 4 as the Israeli solar developer announced its 376 MW Indiana South project has begun commercial operation in the United States — a milestone that coincides with the company's scheduled addition to the Tel Aviv 35 index the following day, creating a potent cocktail of catalysts that investors are still trying to price. Doral Flips the Switch on Its Biggest U.S. Solar Bet — But Is the Stock Already Pricing In Tomorrow's News?

Shares of Doral Group Renewable Energy jumped 8.0% to ILS 5,801 on November 4 as the Israeli developer confirmed that its 376 MW Indiana South solar farm — the second phase of what is shaping up to be one of America's largest solar installations — has entered commercial operation. The move lands one day before Doral officially enters the Tel Aviv 35 index, Israel's blue-chip benchmark, raising the question of how much of today's rally is project fundamentals and how much is index-driven anticipation.

  • A Giant Solar Farm Finally Starts Earning Money. Doral celebrated the commercial operation of the remaining 900 MW of its Mammoth Solar complex, including Mammoth South, Mammoth Central I, and Mammoth Central II. The company projects the Indiana South phase alone will generate roughly NIS 86 million in annual revenue and NIS 62 million in EBITDA (earnings before interest, taxes, and depreciation — essentially, the cash profit from operations). That implies a healthy ~72% EBITDA margin, typical of contracted solar assets with minimal variable costs. Mammoth South has a long-term power purchase agreement with AEP Energy, a subsidiary of American Electric Power , which locks in predictable cash flows for years.

  • The Mammoth Complex Is Now a Revenue Machine. Mammoth Solar spans roughly 13,000 acres across three phases — North, South, and Center — and upon full completion will generate about 1.6 GW of clean energy for 275,000 homes.

Doral secured up to $1.5 billion in construction financing for the three remaining phases, backed by major lenders including HSBC, Santander, and KeyBank. With the North phase already operational since 2022, the South milestone marks a concrete shift from capital-burning construction to cash-generating asset ownership.

  • Index Inclusion Could Turbocharge Demand for Shares. Doral secured its place in the Tel Aviv 35 for the first time , effective November 5.

The reshuffle replaces Dimri, Shufersal, and Kenon, and forces buying by index-tracking funds — a mechanical source of demand that can amplify price moves regardless of company fundamentals. Doral qualified with an average market cap of NIS 11.55 billion during the determination period.

  • The Catch: Construction Risk Isn't Over. Two Central phases remain. Each maintains long-term power purchase agreements and was expected to reach commercial operations in Q4 2026. Any delays would defer the revenue ramp investors are now pricing in. With the stock up roughly 14% in a single week, the market appears to be betting that execution will stay on schedule — a wager that leaves little room for disappointment.