Deriva Energy Secures $540 Million Financing From Five Banks for 350 MW Solar Project in Indiana, US
Deriva Energy secures $540M from a five-bank club for its 350 MW Sullivan County solar farm in Indiana—its largest project to date. Learn about the solar f
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Deriva Energy has closed roughly USD 540 million in financing for the Sullivan County Power Project, a 350 MW solar installation now under construction in Sullivan County, Indiana.
The company announced the closing on October 21, 2026, stating that the transaction supports the continued development and construction of the project and reflects collaborative work across Deriva, its financing partners, and external advisors.
How the Lending Club Was Assembled
The financing was arranged by Deriva Energy's Capital Markets team and includes commitments from five banks: Royal Bank of Canada (RBC), DNB Bank ASA, Mizuho Bank LTD., National Westminster Bank PLC, and Wells Fargo Securities, LLC.
Within the club, RBC will serve as Administrative Agent and Collateral Agent. Legal counsel was split between the two sides of the transaction, with Skadden acting as borrower's counsel and Milbank acting as lenders' counsel.
What Deriva's Executives Said
Paul Tivnan, Chief Financial Officer of Deriva Energy, said the company was pleased to close the financing for Sullivan County Power, its 350 MW solar project under construction in Indiana. Tivnan noted that the project's quality and financing attributes drew strong demand from top-tier relationship banks and produced competitive terms.
He added that Deriva looks forward to working with its lenders to bring the project to completion.
Thomas Hopkins, Senior Director and Head of Capital Markets & Treasury at Deriva Energy, said the closing reflects months of collaboration across Deriva, its lenders, and external advisors.
According to Hopkins, the transaction builds on financing structures the company has successfully used across its portfolio and provides a framework that can be applied to Deriva's extensive development pipeline.
Largest Project in the Company's History
Once complete, Sullivan County Power will be the largest project Deriva has built to date and represent a major turning point in the company's continued growth, according to the announcement.
The financing positions the project to advance through construction and into commercial operation. The project will join a portfolio of nearly 7 GW of operating assets spanning the country's major power markets.
Deriva describes itself as an established U.S. renewable IPP industry leader, with 7 GW of wind, solar, and storage assets operating and under construction, as well as a robust late-stage multi-gigawatt pipeline of projects in development.
Corporate Backing
Deriva Energy is a portfolio company of Brookfield, one of the world's largest owners of renewable power assets, a relationship the company says brings institutional backing and deep industry expertise to the clean energy transition.
The company is headquartered in Charlotte, North Carolina, and more information is available on the company website.
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