Darden Projects Will Transform Retired Agricultural Land Into Power for California’s Grid
San Francisco – May 21, 2026 – IPX Power, LLC (“IPX Power”), announced today the closing of committed financing for the construction and operation of the Darden projects (“Darden”) in Fresno County, California. The financing encompasses $4.95 billion of construction debt comprising 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 that will convert to a $1.83 billion term loan upon project completion, an aggregate $929 million of tax equity commitments, and tax credit purchase agreements for Darden’s aggregate $2.13 billion investment tax credits.
Darden is the first project financing for IPX Power since its formation. Located on privately owned retired agricultural land in the Central Valley, Darden is expected to generate up to 1.15 GWac / 1.6 GWp of solar power and will include 4.6 GWh of battery storage. Darden is expected to reach commercial operation in 2028.
