Deriva Energy has closed approximately USD 540 million in financing for its 350 MW Sullivan County Power Project, a solar installation under construction in Sullivan County, Indiana. The financing will support continued project development and construction, with five banks participating in the transaction.
Announced on 21st October 2026, the financing for the Indiana solar project brings together Royal Bank of Canada (RBC), DNB Bank ASA, Mizuho Bank Ltd., National Westminster Bank PLC and Wells Fargo Securities LLC. Deriva Energy’s Capital Markets team arranged the transaction, which the company says builds on financing structures used across its portfolio.
The Sullivan County Power Project is expected to become the largest project Deriva Energy has built to date. The company said the financing will help advance construction towards completion and commercial operation.
Five Banks Support Solar Project Financing
The USD 540 million financing involves five banking institutions, with RBC serving as both Administrative Agent and Collateral Agent. Legal advisers included Skadden, acting as counsel to the borrower, and Milbank, representing the lenders.
The financing supports the continued development and construction of the 350 MW Indiana solar project. Deriva Energy said the transaction reflects collaboration among its internal teams, financing partners and external advisers.
Paul Tivnan, chief financial officer of Deriva Energy, said the company was pleased to close the financing for Sullivan County Power. He noted that the project’s quality and financing attributes attracted strong demand from relationship banks and resulted in competitive terms.
Tivnan added that the company looks forward to working with the lenders to bring the project to completion.
The participation of five banks provides the project with financing support as construction progresses. For large-scale renewable energy developments, project financing is an important component of advancing construction and preparing facilities for eventual commercial operation.
Sullivan County Project Marks Company Milestone
Once completed, Sullivan County Power will be the largest project Deriva Energy has built, according to the company. The 350 MW installation represents a significant milestone in its development and construction portfolio.
Thomas Hopkins, senior director and head of Capital Markets and Treasury at Deriva Energy, said the financing close followed months of collaboration involving the company, lenders and external advisers.
According to Hopkins, the transaction builds on financing structures previously used across Deriva Energy’s portfolio and establishes a framework that could be applied to projects in its development pipeline.
The company said the financing positions Sullivan County Power to continue through construction towards commercial operation. The source announcement does not provide a completion date or a specific date for the start of commercial operations.
Financing Supports Renewable Energy Development
The Sullivan County project forms part of Deriva Energy’s broader renewable energy portfolio. The company reports nearly 7 GW of operating assets across major U.S. power markets and describes its wider portfolio as including 7 GW of wind, solar and storage assets that are operating or under construction.
Deriva Energy also has a multi-gigawatt pipeline of late-stage projects in development. The company said the Sullivan County financing structure could provide a model for future transactions across that pipeline.
The project is backed by Brookfield, which owns Deriva Energy as a portfolio company. Deriva Energy is headquartered in Charlotte, North Carolina, and develops and operates renewable energy assets across the United States.
Indiana Solar Project Advances Through Construction
The closing of the USD 540 million financing marks a further step in the development of Sullivan County Power. With construction already underway, the funding is intended to support continued work on the 350 MW solar installation.
The transaction combines financing from five banks with Deriva Energy’s project development and capital markets teams. The company expects the project to become its largest completed development to date.
As construction progresses, Sullivan County Power will add to Deriva Energy’s renewable energy portfolio. The company has positioned the financing as part of its wider approach to funding projects and advancing its development pipeline.