Principal Asset Management, alongside MetLife Investment Management, provided Senior Secured Notes as part of a $127 million debt financing for Deriva Energy, LLC. This financing supports a portfolio of two operating energy assets: Ledyard Wind, a 207 MW wind facility in Iowa, and Pisgah Ridge Solar, a 250 MW solar facility in Texas. Both projects began commercial operations in 2022 and operate under long-term power purchase agreements.
This transaction marks the second debt financing arranged with Principal Asset Management and MetLife Investment Management for Deriva Energy since Brookfield's acquisition of Deriva in October 2023. The firms previously invested in a $207 million Deriva debt transaction in October 2024. This demonstrates a continued partnership in the clean power generation sector.
Mansi Patel, Senior Managing Director and Head of Infrastructure Debt for Principal Asset Management, stated that the firm led the structuring of this transaction, supporting Deriva's high-quality portfolio assets with a tailored financing solution. This engagement highlights Principal Asset Management's growing presence in infrastructure debt and its support for renewable energy initiatives.
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