San Francisco – May 21, 2026 – IPX Power, LLC announced the closing of committed financing for construction and operation of the Darden projects in Fresno County, California. The financing package totals $4.95 billion in construction debt, including a $403 million letter of credit facility, a $911 million tax equity bridge loan, a $1.81 billion tax credit transfer bridge loan, and a $1.83 billion construction loan converting to term upon completion. Additional commitments include $929 million in tax equity and $2.13 billion in investment tax credit purchase agreements.
Located on privately owned retired agricultural land in the Central Valley, Darden will generate up to 1.15 GWac / 1.6 GWp of solar power with 4.6 GWh of battery storage. Commercial operation is expected in 2028.
“The scale of the Darden transaction reflects both the quality of what we’re building and the strength of the relationships we’ve cultivated at IPX Power,” said David Brochu, CEO of IPX Power. “Large, complex, innovative projects like Darden are central to the energy transition, and only achievable through deep collaboration with trusted partners. We are thrilled to have worked with Darden’s many financial partners to make this historic transaction a reality.”
The debt facility was underwritten by MUFG Bank, Banco Santander, Crédit Agricole CIB, Deutsche Bank, and Societe Generale as Initial Coordinating Lead Arrangers. Additional coordinating leads included BNP Paribas, CIBC Capital Markets, CoBank, HSBC, Intesa Sanpaolo, J.P. Morgan, National Bank of Canada, NORD/LB, Royal Bank of Canada, Standard Chartered, Truist Securities, Wells Fargo Securities, and Westpac Banking Corporation.
J.P. Morgan and Morgan Stanley provided tax equity commitments. “We are proud to have contributed to this landmark transaction through an innovative combination of tax credit transfer and tax equity commitments at an unprecedented scale, financing significant renewable generation and storage capacity while enhancing energy affordability, security, and resilience,” said Rubiao Song, Managing Director and Head of Energy Investments at J.P. Morgan.
Legal counsel included Kirkland & Ellis, Orrick Herrington & Sutcliffe, Cox Castle & Nicholson, Milbank, Paul Hastings, Dorsey & Whitney, and Sheppard Mullin Richter & Hampton.