Construction Review

Search Projects

Published on Oct 22, 2026
M Kubwa
Deriva Energy announced that they have successfully closed a financing of approximately $540 million for the Sullivan County Power Project. The 350 MW solar project is currently under construction in Sullivan County, Indiana. Also, the project adds to Deriva’s portfolio of approximately 7 GW of operating assets across the country’s major power markets. Moreover, this project adds on to Indiana’s renewable energy portfolio as the state emerges as one of the fastest-growing utility-scale solar investment hubs in the United States.
The financing was arranged by Deriva Energy’s Capital Markets team. Moreover, it is inclusive of commitments from leading financial institutions.
Furthermore, the transaction supports the continued development and construction of the project. Additionally, it reflects the combined efforts of teams across Deriva, its financing partners and external advisors.
“We are pleased to close this financing for Sullivan County Power. This is our 350 MW solar project currently under construction in Indiana,” stated Paul Tivnan, Chief Financial Officer of Deriva Energy. “The project’s quality and financing attributes resulted in strong demand from top-tier relationship banks and competitive terms. Moreover, we look forward to working together to bring Sullivan County Power to completion.”
The five-bank club include: Royal Bank of Canada (RBC), DNB Bank ASA, Mizuho Bank LTD., National Westminster Bank PLC, and Wells Fargo Securities, LLC. Additionally, RBC will serve as Administrative Agent and Collateral Agent. Skadden served as borrower’s counsel, and Milbank served as lenders’ counsel.
“Closing this financing reflects months of collaboration across Deriva, our lenders and external advisors,” said Thomas Hopkins, Senior Director and Head of Capital Markets & Treasury at Deriva Energy. “Moreover, the transaction builds on financing structures we have successfully utilized across our portfolio and provides a framework we can apply to our extensive development pipeline.”
Once complete, Sullivan County Power will be the largest project built by Deriva to date. Also, it will represent a significant milestone in the company’s continued growth. Lastly, the successful financing positions the project to move forward through construction and into commercial operation.
Project Name: Sullivan County Power Project
Developer and Owner: Deriva Energy (a Brookfield Renewable portfolio company)
Location: Sullivan County, Indiana
Technology: Utility-Scale Solar Photovoltaic (PV)
Capacity: 350 MW (Largest project built by Deriva to date)
Project Status: Under Construction
Financial Highlights
Total Debt Financing: Approx. $540 Million
Structure: Five-bank club deal
Lender Consortium:
Legal Counsel:
Key Takeaways and Significance
Source: constructionreviewonline.com All rights reserved. Unauthorized reproduction prohibited.
Name

Email

Sectors:


Your email address will not be published. Required fields are marked *
Comment *
Name *
Email *
Website

Welcome to Construction Review a portal that serves the building and construction industry through our blog, e-newsletter, social media presence and print publication

source