Deriva Energy Closes $280 Million Financing for Frontier Energy Storage Project
CHARLOTTE, N.C., October 12, 2026 – Deriva Energy today announced the closing of $280 million in financing to support construction of the Frontier Energy Storage project, a 302 MW standalone battery energy storage system in Kay County, Oklahoma. Upon completion, Frontier Storage will be the largest battery in the SPP region.
The Frontier Storage facility will be sold to Oklahoma Gas & Electric upon completion under a build-transfer agreement (BTA). Proceeds will be reinvested into Deriva’s significant pipeline of late-stage renewable energy projects. Canadian Imperial Bank of Commerce (CIBC) and KeyBanc Capital Markets Inc. (Key Banc) served as Coordinating Lead Arrangers and Joint Bookrunners, with CIBC also acting as Administrative Agent.
“This financing is a testament to the quality of the project,” said Thomas Hopkins, Senior Director and Head of Capital Markets & Treasury at Deriva Energy. “We received strong interest from lenders and secured competitive financing terms that reflect the quality of the asset and strength of the underlying commercial structure.”
“This transaction highlights Deriva’s integrated development and financing capabilities, and the consistently high-quality projects Deriva brings to the market,” said Paul Tivnan, Chief Financial Officer of Deriva Energy. “Frontier is another step forward in our growth strategy and an important asset for our project partners.”
The Frontier project has already achieved major milestones, including commercial contract execution regulatory approvals, and the start of construction activities. The project is expected to achieve mechanical and substantial completion in late 2027.
Transaction Participants:
- Administrative Agent: CIBC
- Coordinating Lead Arrangers: CIBC and KeyBanc
- Borrower’s Counsel: Skadden
- Lenders’ Counsel: Milbank
Contact: press@derivaenergy.com
About Deriva Energy
Deriva Energy is a leading renewable IPP with more than 18 years of experience, 7 GW of wind, solar, and storage assets operating or under construction, and a multi-gigawatt late-stage development pipeline. A portfolio company of Brookfield — one of the world’s largest owners of renewable power assets — Deriva brings institutional backing and deep industry expertise to the clean energy transition. For more information about Deriva, visit derivaenergy.com.