Deriva Energy announced the closing of financing amounting to approximately $540 million for its Sullivan County Power Project, a 350 MW utility‑scale solar photovoltaic farm currently under construction in Sullivan County, Indiana.

The financing was arranged by Deriva’s Capital Markets team and involves a five‑bank club that includes Royal Bank of Canada, DNB Bank ASA, Mizuho Bank Ltd., National Westminster Bank PLC and Wells Fargo Securities, with RBC serving as administrative and collateral agent.

Skadden, Arps, Slate, Meagher & Flom LLP acted as borrower’s counsel, while Milbank LLP represented the lenders.

Chief Financial Officer Paul Tivnan said the project’s quality and financing attributes generated strong demand from top‑tier banks and resulted in competitive terms.

Senior Director Thomas Hopkins noted that the deal reflects months of collaboration across Deriva, its lenders and external advisors and builds on financing structures used elsewhere in the company’s portfolio.

When completed, the Sullivan County Power Project will be Deriva’s largest construction project to date, expanding its near‑7 GW operating footprint across major U.S. power markets.

The 350 MW farm will add to Indiana’s renewable energy portfolio, reinforcing the state’s reputation as a fast‑growing hub for utility‑scale solar investment.