Deriva Energy raises $127M for wind and solar assets in Texas

North Carolina-based Deriva Energy, a clean energy provider, has completed a $127 million debt financing for two operating assets: the 207 MW Ledyard Wind project in Iowa and the 250 MW Pisgah Ridge Solar project in Texas. Principal Asset Management and MetLife Investment Management provided Senior Secured Notes. Both assets began operations in 2022 and sell power under long-term PPAs to corporate buyers. The deal was completed during a period of market uncertainty related to tariffs and trade policy. It marked the second financing with these investors since Brookfield acquired Deriva in October 2023. The previous $207 million transaction was closed in October 2024. Deriva Energy’s $127 million refinancing follows the commissioning of its 100 MW Wildflower Solar facility in Mississippi, expanding its operational clean energy portfolio.