- Deriva Energy secures $127 million in debt financing for two operational renewable energy projects.
- Projects include 207 MW Ledyard Wind in Iowa and 250 MW Pisgah Ridge Solar in Texas, operational since 2022.
- Financing facilitated by Principal Asset Management and MetLife Investment Management amid market uncertainties.
Deriva Energy has completed a $127 million debt financing for two established renewable energy projects, signaling continued investor confidence despite volatile market conditions. The funding, secured through Senior Secured Notes from Principal Asset Management and MetLife Investment Management, supports the Ledyard Wind facility in Iowa and the Pisgah Ridge Solar facility in Texas, both of which have been operational since 2022.
These projects, with a combined capacity of 457 MW, are underpinned by long-term power purchase agreements with corporate buyers, providing steady revenue streams. This financing marks Deriva's second arrangement with these financial institutions since Brookfield acquired Deriva in October 2023, following a $207 million transaction in October 2024.
Thomas Hopkins, Director of Capital Markets at Deriva, expressed satisfaction with completing the transaction amid market challenges related to tariffs and international trade policy. This successful financing underscores Deriva's robust market execution capabilities and its strategic role within Brookfield's renewable energy portfolio.
For Principal Asset Management, a division of Principal Financial Group (PFG, Financial), and MetLife Investment Management, the investment aligns with their strategies focusing on infrastructure debt and operational assets. This partnership further exemplifies their commitment to supporting renewable energy projects with established cash flow profiles.
