Deriva Energy announced on October 21, 2026, the successful closing of approximately USD 540 million in financing for the Sullivan County Power Project, a 350 MW solar project currently under construction in Sullivan County, Indiana.

The financing was arranged by Deriva Energy's Capital Markets team and includes commitments from leading financial institutions.

Financing Deal Details

According to the company, the transaction supports the continued development and construction of the project and reflects collaborative efforts across Deriva, its financing partners, and external advisors.

The five-bank club behind the deal consists of Royal Bank of Canada (RBC), DNB Bank ASA, Mizuho Bank LTD., National Westminster Bank PLC, and Wells Fargo Securities, LLC. RBC will serve as Administrative Agent and Collateral Agent. Skadden served as borrower's counsel, while Milbank served as lenders' counsel.

Company Leadership Commentary

Paul Tivnan, Chief Financial Officer of Deriva Energy, said the company was pleased to close the financing for Sullivan County Power, the firm's 350 MW solar project currently under construction in Indiana. Tivnan noted that the project's quality and financing attributes resulted in strong demand from top-tier relationship banks and competitive terms, adding that Deriva looks forward to working with its lenders to bring Sullivan County Power to completion.

Thomas Hopkins, Senior Director and Head of Capital Markets & Treasury at Deriva Energy, said closing the financing reflects months of collaboration across Deriva, its lenders, and external advisors. According to Hopkins, the transaction builds on financing structures the company has successfully utilized across its portfolio and provides a framework that can be applied to Deriva's extensive development pipeline.

Project Significance for Deriva's Portfolio

Upon completion, Sullivan County Power will be the largest project built by Deriva to date and represents a significant milestone in the company's continued growth, according to the announcement. The successful financing positions the project to move forward through construction and into commercial operation.

The new project adds to Deriva's portfolio of nearly 7 GW of operating assets across the country's major power markets. The company describes itself as an established U.S. renewable IPP industry leader with 7 GW of wind, solar, and storage assets operating and under construction, along with a robust late-stage multi-gigawatt pipeline of projects in development.

Corporate Background

Deriva Energy is a portfolio company of Brookfield, one of the world's largest owners of renewable power assets. The company states that this relationship brings institutional backing and deep industry expertise to the clean energy transition.

Deriva Energy is headquartered in Charlotte, North Carolina, and additional information can be found on their website.

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