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Doral Renewables, a utility-scale renewable energy project developer, <a href="https://cms.mercomindia.com/doral-renewables-secures-1-5-billion-debt-tax-equity-financing/" target="_blank" rel="noopener">secured</a> $1.5 billion in construction project financing for the Mammoth South, Mammoth Central I, and Mammoth Central II solar projects in Pulaski County, Indiana. All three projects have a generation capacity of 300 MWac each and form part of the larger 1.3 GW Mammoth Solar project. The projects are ground-mounted single-axis PV systems, under construction, and expected to begin commercial operation in Q4 2026.
Deriva Energy (formerly Duke Energy Renewables), a clean power generation and a portfolio company of Brookfield, <a href="https://cms.mercomindia.com/deriva-energy-secures-127-m-financing-solar-and-wind-projects/" target="_blank" rel="noopener">announced</a> the completion of a $127 million debt financing for a portfolio of operational solar and wind projects. The Ledyard wind is a 207 MW wind project in Kossuth County, Iowa, and the Pisgah Ridge is a 250 MW solar project in Navarro County, Texas. Both projects began commercial operations in 2022 and sell power under long-term power purchase agreements.
Solaria, a Europe-based renewable energy project developer, has <a href="https://cms.mercomindia.com/solaria-secures-project-finance-oliva-solar-project/" target="_blank" rel="noopener">entered</a> into an agreement in principle with Banco Sabadell for the long-term financing of a 175 MW solar project in Spain. The financing will be used for the development of the 175 MW Oliva solar project, which will be developed in the province of Guadalajara, Spain.
India-based rooftop solar engineering, procurement, and construction services provider Roofsol Energy has <a href="https://www.mercomindia.com/roofsol-raises-2-billion-from-aseem-infra" target="_blank" rel="noopener">secured</a> ₹2.1 billion (~$24.67 million) in funding from Aseem Infrastructure Finance. The funding will be used to develop 92.66 MWp of rooftop and group captive solar projects across multiple locations in India. This funding round follows Roofsol Energy’s earlier funding in October last year, when the company raised ₹255 million (~$3.03 million) through its inaugural equity funding round.
BW ESS, an energy storage project developer and operator, <a href="https://cms.mercomindia.com/bw-ess-secures-debt-financing-bramley-battery-energy-storage-project/" target="_blank" rel="noopener">secured</a> debt financing from Westpac, an Australian bank, and United Overseas Bank (UOB) based in Singapore. The company will use the funding to operate its 100 MW/331 MWh Bramley Battery Energy Storage project in Hampshire, U.K. According to the agreement, Westpac and UOB will each contribute 50% to the debt facility.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-solar-landscape-financing-rooftop-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Doral Renewables Secures $1.5 Billion for Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-doral-renewables-secures-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Doral Renewables, a utility-scale renewable energy project developer, <a href="https://mercomcapital.com/doral-renewables-secures-1-5-billion-debt-tax-equity-financing/" target="_blank" rel="noopener">secured</a> $1.5 billion in construction project financing for the Mammoth South, Mammoth Central I, and Mammoth Central II solar projects in Pulaski County, Indiana. All three projects have a generation capacity of 300 MWac each and form part of the larger 1.3 GW Mammoth Solar project. The projects are ground-mounted single-axis PV systems, under construction, and expected to begin commercial operation in Q4 2026.
Deriva Energy (formerly Duke Energy Renewables), a clean power generation and a portfolio company of Brookfield, <a href="https://mercomcapital.com/deriva-energy-secures-127-m-financing-solar-and-wind-projects/" target="_blank" rel="noopener">announced</a> the completion of a $127 million debt financing for a portfolio of operational solar and wind projects. The Ledyard wind is a 207 MW wind project in Kossuth County, Iowa, and the Pisgah Ridge is a 250 MW solar project in Navarro County, Texas. Both projects began commercial operations in 2022 and sell power under long-term power purchase agreements.
Solaria, a Europe-based renewable energy project developer, has <a href="https://mercomcapital.com/solaria-secures-project-finance-oliva-solar-project/" target="_blank" rel="noopener">entered</a> into an agreement in principle with Banco Sabadell for the long-term financing of a 175 MW solar project in Spain. The financing will be used for the development of the 175 MW Oliva solar project, which will be developed in the province of Guadalajara, Spain.
India-based rooftop solar engineering, procurement, and construction services provider Roofsol Energy has <a href="https://www.mercomindia.com/roofsol-raises-2-billion-from-aseem-infra" target="_blank" rel="noopener">secured</a> ₹2.1 billion (~$24.67 million) in funding from Aseem Infrastructure Finance. The funding will be used to develop 92.66 MWp of rooftop and group captive solar projects across multiple locations in India. This funding round follows Roofsol Energy’s earlier funding in October last year, when the company raised ₹255 million (~$3.03 million) through its inaugural equity funding round.
BW ESS, an energy storage project developer and operator, <a href="https://mercomcapital.com/bw-ess-secures-debt-financing-bramley-battery-energy-storage-project/" target="_blank" rel="noopener">secured</a> debt financing from Westpac, an Australian bank, and United Overseas Bank (UOB) based in Singapore. The company will use the funding to operate its 100 MW/331 MWh Bramley Battery Energy Storage project in Hampshire, U.K. According to the agreement, Westpac and UOB will each contribute 50% to the debt facility.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-solar-landscape-financing-rooftop-projects/" target="_blank" rel="noopener">brief</a>.

<a href="https://derivaenergy.com/" target="_blank" rel="noopener">Deriva Energy</a> (formerly Duke Energy Renewables), a clean power generation and a portfolio company of Brookfield, announced the completion of a $127 million debt financing for a portfolio of operational solar and wind projects.
Principal Asset Management and MetLife Investment Management provided senior secured notes for the Ledyard wind and Pisgah Ridge solar projects.
The Ledyard wind is a 207 MW wind project in Kossuth County, Iowa, and the Pisgah Ridge is a 250 MW solar project in Navarro County, Texas. Both projects began commercial operations in 2022 and sell power under long-term power purchase agreements.
This is the second debt financing arrangement made with Principal Asset Management and MetLife Investment Management since Brookfield acquired Deriva in October 2023; both firms invested in a $207 million Deriva debt transaction in October 2024.
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.”
According to Mercom’s Q1 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, announced large-scale project funding increased by 27% in Q1 2025 compared to Q1 2024.
This week, Ignitis Renewables, a green energy company, <a href="https://cms.mercomindia.com/ignitis-renewables-secures-239-mw-solar-projects/" target="_blank" rel="noopener">secured</a> a €77.5 million (~$87.24 million) loan from Swedbank Lithuania and Swedbank Latvia to develop and construct 239 MW solar projects in Latvia.

Deriva Energy Secures $127 Million Financing for Solar and Wind Projects

<a href="https://derivaenergy.com/">Deriva Energy</a>, an independent renewable energy developer, announced acquiring a 140 MW solar project in Las Animas County, Colo. The project was acquired from the JUWI, a solar project developer.
The project, named ‘Spanish Peaks, is located in the service territory of Tri-State member San Isabel Electric Association. The Spanish Peaks commenced construction and is expected to be commissioned in Q4 2024. During peak construction, the project will create approximately 250 jobs. Deriva Energy will own the plant and share operations and maintenance responsibilities with JUWI.
With the addition of Spanish Peaks, Deriva Energy will own and operate 388 MW in Colorado. It will provide energy to the Tri-State Generation and Transmission Association through a 19-year power purchase agreement.
“We are excited to announce the successful acquisition of this promising solar project,” said Chris Fallon, President of Deriva Energy. “This project underscores our commitment to implementing solutions for a viable energy future. We are thrilled to collaborate with JUWI again in Colorado to create job opportunities, provide clean energy solutions for Tri-State customers, and support the economic growth of Las Animas County.”
With a capacity of 140 MW, the project will generate enough electricity annually to serve the equivalent energy needs of roughly 38,000 homes. Tri-State is adding 595 MW of solar to its resource portfolio in 2024-2025, including Spanish Peaks Solar.
“Tri-State’s members benefit from clean, low-cost solar power, including the 140-MW Spanish Peaks Solar, and 50% of the energy our members use will come from clean energy in 2025,” said Duane Highley, Tri-State CEO.
Mercom’s recently released Annual and Q4 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-solar-funding-ma-report/">report</a> shows 231 large-scale solar project acquisitions in 2023 compared to 268 acquisitions in 2022. In 2023, almost 45.4 GW of solar projects were acquired 2023, compared to 66 GW in 2022, a 31% decline YoY.

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