Doral signed an MoU to acquire 56% of Zephyrus from the 560 Fund for NIS 1.02 billion, reflecting a 12% premium to market and valuing the company at NIS 1.8 billion. Due diligence runs for 35 days, after which Doral intends to merge its European operations into Zephyrus.

The insight is simple: Doral is using a public vehicle to consolidate and scale its European platform in one move.

Zephyrus brings a 1 GW Polish portfolio, with 257 MW operational. Doral currently has about 110 MW connected in Europe plus an 800 MW development pipeline and 250 MWh of storage. Post-transaction, Doral effectively triples its connected European capacity and folds its pipeline into a listed entity with operating cash flow.

Paying a double-digit premium signals urgency around scale and capital structure. Instead of building incrementally, Doral secures operating assets, grid access, and a public market platform to warehouse future growth.

This deal reflects a broader pattern: sponsors are prioritizing control of operating portfolios and using consolidation to de-risk expansion in core European markets. Scale, balance sheet efficiency, and execution speed are now driving premiums.

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