Deriva Energy Secures USD 127 Mn Debt Financing for 207 MW Wind and 250 MW Solar Project in US
Deriva Energy has secured USD 127 million in debt financing for two operating renewable energy projects – 207 MW Ledyard Wind project in Iowa and 250 MW Pisgah Ridge Solar project in Texas.
May 26, 2025. By Mrinmoy Dey
“Principal Asset Management 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,” the company said in a statement.
Ledyard Wind is a 207 MW wind facility in Kossuth County, Iowa, and Pisgah Ridge is a 250 MW solar facility located in Navarro County, Texas. Both projects began commercial operations in 2022 and sell power under long-term power purchase agreements with two high quality corporate purchasers, it said.
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.”
Mansi Patel, Senior Managing Director and Head of Infrastructure Debt, for Principal Asset Management said, “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.”
This is the second debt financing arranged with Principal Asset Management and MetLife Investment Management since Brookfield's purchase of Deriva in October 2023; both firms invested in a USD 207 million Deriva debt transaction in October 2024.
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