North Carolina-based Deriva Energy has closed about $540 million in financing for the Sullivan County Power Project, a 350 MW solar plant under construction in Indiana, PV Tech reports. When finished, it will be the largest solar project Deriva has built to date.
The deal
The financing was provided by a group of five banks: DNB Bank ASA, Mizuho Bank, National Westminster Bank, Royal Bank of Canada and Wells Fargo Securities. It allows Deriva to move construction forward towards commercial operation. The company did not disclose the breakdown of the financing or the expected commercial operation date.
"The project's quality and financing attributes resulted in strong demand from top-tier relationship banks," said Paul Tivnan, chief financial officer of Deriva Energy. He added that the company looks forward to working with the banks to complete the project.
A growing portfolio
Deriva Energy has about 7 GW of wind, solar and storage projects in operation or under construction, plus a pipeline of late-stage developments.
The Indiana deal follows another recent financing. Deriva raised $280 million for Frontier Energy Storage, a 302 MW battery project in Oklahoma that will be sold to Oklahoma Gas & Electric when it is complete. The company's Wildflower Solar project in Mississippi came online last year and sells its power to Toyota under a power purchase agreement. In 2024, Deriva acquired the 140 MW Spanish Peaks Solar project in Las Animas County, Colorado, from JUWI.
Why the Midwest matters
Indiana and its neighbours have seen a wave of large solar projects in recent years, as utilities in the region look for new generation capacity. Large plants on flat farmland can be built in modular blocks, and projects of this size need a deep pool of lenders to reach construction. That is why the lender group matters as much as the headline figure.
Banks still back utility-scale solar
The deal comes at a time of uncertainty for the US solar industry. New tariffs on imported solar products start on December 4, and federal tax credit rules have become stricter. Even so, the size of the lender group shows that international and US banks remain willing to lend to well-structured utility-scale projects with experienced sponsors.
The participation of Japanese, Norwegian, British and Canadian banks alongside a US lender also shows how global the capital behind US solar has become.
What it means
For the Americas market, the Sullivan County financing is a sign that large solar projects already under construction are still attracting debt on good terms, despite trade and policy headwinds. For developers, the message is that strong project quality, a sound financial structure and a credible sponsor remain the keys to financing. For suppliers and contractors, a steady flow of 300 MW-plus projects in the Midwest means continued demand for modules, inverters, structures and construction services through 2027.
Source: PV Tech.
