North Allegheny: PGIM Commits $49 Million to Wind Energy Project
Deal News | Feb 25, 2025 | Pgim Private Capital Ltd
PGIM Private Capital has invested $49 million in North Allegheny Wind Energy's 70 MW wind project, situated in Pennsylvania's Blair and Cambria counties. The project went operational in April 2024 after a refurbishment using Vestas turbines and operates under a long-term power purchase agreement with a corporate offtaker. Deriva Energy, the majority stakeholder and a leader in renewable assets, acknowledges PGIM’s role in structuring a fitting financing solution. This investment is part of PGIM's broader strategy to bolster its portfolio in renewable energies, which stood at $4.2 billion as of the end of September 2024. The investment from PGIM, the private capital arm of Prudential Financial, highlights its dedication to supporting long-term renewable projects, and its capacity to form enduring partnerships with firms like Deriva Energy—a company with substantial clean energy operations and a strategic vision for sustainability. Deriva was previously known as Duke Energy Renewables and is a portfolio company of Brookfield.
Sectors
- Renewable Energy
- Private Equity
Geography
- United States – The wind project is located in Pennsylvania, USA, and both companies involved, PGIM Private Capital and Deriva Energy, have significant operations within the country.
Industry
- Renewable Energy – The article discusses the financing of a wind energy project, which falls under renewable energy initiatives, alluding to the growing investments in sustainable power sources.
- Private Equity – Involves PGIM Private Capital, part of Prudential Financial, which operates as a private equity and investment firm providing significant capital injections for growth and sustainability.
Financials
- $49 million – The investment amount PGIM Private Capital provided for the North Allegheny Wind project.
- $4.2 billion – The total value of PGIM Private Capital’s renewable investments portfolio as of September 30, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PGIM Private Capital | Investor | Company | A financial entity and the private capital arm of Prudential Financial providing private debt. |
| North Allegheny Wind Energy, LLC | Target Company | Company | The company receiving the investment for its wind energy project. |
| Deriva Energy, LLC | Vendor | Company | The majority owner and operator of the North Allegheny Wind project, specializing in renewable assets. |
| Prudential Financial, Inc. | Parent Company | Company | The parent company of PGIM, a significant player in global investment management. |
| Vestas | Supplier | Company | Manufacturer of the turbines used in the repowering of the North Allegheny Wind project. |