Deriva Energy, LLC, a leading company in clean power generation, operations, and development, has successfully completed a $127 million debt financing deal for two of its operating energy projects. The financing was provided through Senior Secured Notes by Principal Asset ManagementSM and MetLife Investment Management. The financed portfolio includes two major renewable energy projects owned and run by Deriva: Ledyard Wind, a 207 MW wind power facility in Kossuth County, Iowa, and Pisgah Ridge Solar, a 250 MW solar power facility located in Navarro County, Texas.
Thomas Hopkins, Director of Capital Markets at Deriva, said in a statement, “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.”
Mansi Patel, Senior Managing Director and Head of Infrastructure Debt, for Principal Asset Management, mentioned, “We are thrilled to have led the structuring of this transaction, supporting Deriva’s high-quality portfolio assets with a tailored financing solution. We are excited to continue to grow our firm’s strong relationship.”
Both projects started commercial operations in 2022 and currently supply electricity under long-term power purchase agreements with two well-established corporate buyers. This marks the second time Deriva has partnered with Principal and MetLife for debt financing since Brookfield acquired Deriva in October 2023. The two firms also participated in a $207 million financing round for Deriva in October 2024.
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