IPX Power Secures $4.95 Billion Financing for Darden Projects

IPX Power has closed committed financing for the construction and operation of the Darden projects in Fresno County, California, IPX's first project financing since its formation. The financing encompasses $4.95 billion of construction debt, consisting of a construction-to-term loan facility, tax equity and tax credit transfer bridge loan facilities, and a letter of credit facility. The projects will transform retired agricultural land into power for California's grid.

Orrick advised IPX on the debt financing transaction.

THE COMPANY

IPX Power is an independent power producer that develops, owns and operates some of the world's largest clean energy resources, delivering affordable, reliable power to utilities and other customers. IPX has 4.4 GW of solar PV and 8.8 GWh of battery storage in construction or operation.

THE IMPACT

Located on privately owned retired agricultural land in California's 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.

THE TEAM

The Orrick team advising on the debt financing is led by Rob Warfield, Lauren Estell, Liz Goldstein and Joey Kim, with support from Kristin Seeger, Joe Lawlor, Nikiforos Mathews, Jason Warrington and Katya Simon.

LEARN MORE

• Read IPX's News Announcement
• Read More Orrick Client Results