Deriva Energy, along with its joint venture partner Manulife Investment Management, has announced an agreement to sell an operational solar portfolio of 833 MWdc to Clearway Energy, Inc. Reportedly, the terms of the agreement have not been disclosed. The transaction is expected to conclude by the second quarter of 2026.
Deriva Energy is a portfolio company of Brookfield and this sale will help it to optimize its asset portfolio by recycling capital. It is headquartered in Charlotte, North Carolina, and has a renewable portfolio of more than 6.2 GW of operating assets, along with a project pipeline of over 10.5 GW across the US.
In September 2025, Deriva Energy completed a $141 million debt financing from MUFG to support three solar projects. The projects include 100 MW Franklin solar project in Idaho, the 100 MW Wildflower solar project in Mississippi, and the 140 MW Spanish Peaks solar project in Colorado, all of which began commercial operations in 2024 under long-term power purchase agreements. In the same month, Clearway Energy acquired the 109 MW Catalina solar project in Kern County, California, from EDF Invest and Nuveen. The project generates sufficient electricity to power approximately 37,000 homes annually.
REGlobal’s Views: This 833 MWdc portfolio covers eight states and is mainly concentrated in the CAISO and PJM markets. Clearway has a significant presence in this region and can even hybridize these projects with battery for increased returns. The company has a 13 GW+ portfolio and this recent acquisition will help to significantly expand its portfolio in key markets.
