Deriva Energy Completes Financing for Two Established Projects
Summary
CHARLOTTE, N.C., May 19, 2025 /PRNewswire/ -- Deriva Energy, LLC, a leader in clean power generation, operations and development, today announced that it has completed a $127 million debt financing for a portfolio of two operating energy assets.Principal Asset ManagementSM and MetLife Investment Management provided Senior Secured Notes to the portfolio, which is comprised of two projects owned and operated by Deriva, Ledyard Wind and Pisgah Ridge Solar. Both projects began commercial operations in 2022 and sell power under long-term power purchase agreements with two high quality corporate purchasers.Thomas Hopkins, Director of Capital Markets at Deriva, said: "This transaction marks a significant accomplishment for the company and was completed during a period of heightened market turbulence driven by uncertainty over tariffs and international trade policy. We are grateful for the partnership of our investors, whose experience in renewable energy financings was extremely valuable, and we look forward to long and productive relationships with them. "This is the second debt financing arranged with Principal Asset Management and MetLife Investment Management since Brookfields purchase of Deriva in October 2023; both firms invested in a $207 million Deriva debt transaction in October 2024.About Deriva EnergyDeriva Energy (formerly Duke Energy Renewables, LLC) is an established industry leader in clean energy, with over 6,200 megawatts of operating assets and over 10,500 MW of assets in development across the U.S. Headquartered in Charlotte, North Carolina, Deriva is a portfolio company of Brookfield, one of the worlds largest owners and operators of renewable power and climate transition assets. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.