The financing will support a 350 MW solar farm in Indiana, marking a significant milestone in the company's renewable energy expansion
Sullivan County, Indiana, 23 October 2026 – Deriva Energy has secured approximately $540 million in financing for its 350 megawatt (MW) Sullivan County Power Project in Indiana, United States. The solar project is under construction and is expected to become the largest project built by the company to date. The funding will support continued construction and help move the project closer to commercial operation.
The project reflects growing investment in utility scale solar power as energy companies expand their renewable energy portfolios. Solar farms generate electricity using photovoltaic panels that convert sunlight into power, which can then be supplied to the electricity grid. Projects of this size can contribute substantial generating capacity to regional power systems.
The financing was arranged by Deriva Energy's Capital Markets team through a group of five financial institutions: Royal Bank of Canada, DNB Bank ASA, Mizuho Bank, National Westminster Bank and Wells Fargo Securities. Royal Bank of Canada will serve as the administrative and collateral agent for the transaction.
According to Paul Tivnan, Chief Financial Officer of Deriva Energy, the project's quality and financing structure attracted strong interest from major banking partners and helped secure competitive terms. The company plans to work with its lenders to complete construction and bring the solar facility into operation.
Thomas Hopkins, Senior Director and Head of Capital Markets and Treasury at Deriva Energy, said the transaction reflects months of collaboration between the company, its lenders and external advisers. He also noted that the financing approach could be applied to other projects in the company's development pipeline.
Once completed, Sullivan County Power will strengthen Deriva Energy's position in the US renewable energy market. The company has approximately 7 gigawatts (GW) of wind, solar and energy storage assets in operation or under construction, alongside a substantial pipeline of projects at advanced development stages. Deriva Energy is a portfolio company of Brookfield, which invests across the renewable power sector.
The project also highlights the importance of financing in expanding clean energy infrastructure. Building a large solar farm requires substantial investment in equipment, construction, grid connections and supporting infrastructure. Securing funding helps developers manage these costs and continue working toward commercial electricity generation.
As demand for renewable electricity grows, utility scale solar projects are becoming an important part of energy investment strategies. However, their success depends not only on financing but also on construction progress, grid access, operating performance and the ability to deliver electricity reliably.
For Deriva Energy, the $540 million financing represents a major step toward completing its largest solar project so far. The Sullivan County development demonstrates how financial partnerships can help renewable energy companies advance large infrastructure projects and expand clean power capacity across the United States.
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