North Carolina-based Deriva Energy has announced the close of approximately US$540 million in financing for its Sullivan County Power Project, a 350MW solar PV project currently under construction in Indiana.
The finance was provided by DNB Bank ASA, Mizuho Bank, National Westminster Bank, the Royal Bank of Canada and Wells Fargo Securities. The agreement allows Deriva to progress construction towards commercial operation.
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Deriva Energy has 7GW of wind, solar and storage projects in operation or under construction and a portfolio of projects in late-stage developments. It recently closed US$280 million in finance for a 302MW battery energy storage system (BESS), the Frontier Energy Storage project in Oklahoma. On completion, the BESS is to be sold to Oklahoma Gas & Electric.
Speaking on the company’s latest financing round, Paul Tivnan, chief financial officer of Deriva Energy, said: “The project’s quality and financing attributes resulted in strong demand from top-tier relationship banks and competitive terms, and we look forward to working together to bring Sullivan County Power to completion.”
When complete, the Sullivan County Power Project will be the largest project built by Deriva to date.
The 350MW PV solar facility in Sullivan County comes after the company’s Wildflower Solar project came online in Mississippi last year, which is subject to a power purchase agreement (PPA) with Toyota. Deriva also acquired a 140MW PV project, Spanish Peaks Solar, in Los Animas County, Colorado, from German company JUWI in 2024.
