Duke Energy Renewables Rebrands as Deriva Energy under Brookfield Ownership

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Oct 25, 2023, 16:15 ET

CHARLOTTE, N.C., Oct. 25, 2023 /PRNewswire/ -- Deriva Energy, a leading operator and developer of clean power projects in the United States, made its debut today. Deriva is the new name for Duke Energy's unregulated commercial renewables business, which was acquired by Brookfield in a transaction announced on June 12, 2023, and completed on October 25, 2023.

Chris Fallon, President of Deriva Energy, said: "Today is a significant milestone for our business and opens an exciting new chapter in our history. We are now an independent developer, owner, and operator of clean energy projects, with the backing of Brookfield, one of the world's largest owners and operators of renewable power. As part of Brookfield, we have access to capital for growth and a wealth of operating expertise, which will enable us to continue our leadership in clean energy for many years to come."

Brookfield is one of the world's largest owners and operators of renewable power plants, with approximately 90,000 megawatts of combined operating and pipeline capacity across all major U.S. power grids.

About Deriva Energy

Deriva Energy is an established leader in clean energy, with 5,900 megawatts of operating and under construction wind, utility scale solar and storage assets across the U.S. Formerly known as Duke Energy Renewables, Deriva is a portfolio company of Brookfield, one of the world's largest owners and operators of renewable power and climate transition assets. Deriva is headquartered in Charlotte, North Carolina. For more information, visit: www.DerivaEnergy.com.

About Brookfield

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with $850 billion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

Brookfield Renewable

Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world's largest publicly traded, pure-play renewable power platforms, with approximately 31,300 megawatts of installed renewable energy capacity and a development pipeline of approximately 134,400 megawatts of renewable power assets, 13 million metric tonnes per annum ("MMTPA") of carbon capture and storage, 3 million tons of recycled material and 4 million metric million British thermal units of renewable natural gas production annually.

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SOURCE Deriva Energy