IPX Power Secures $4.95 Billion Financing for 1.15 GW Solar-Plus-Storage Project in California, USA

en.Wedoany.com Reported - IPX Power has secured $4.95 billion in committed financing for its Darden Solar and Storage Project in Fresno County, California. The project plans a solar capacity of 1.15 GWac and battery storage of 4.6 GWh, with commercial operations expected to begin in 2028.

The project financing package includes $4.95 billion in construction debt, comprising $403 million in letter of credit financing, $911 million in tax equity bridge loans, $1.81 billion in tax credit transfer bridge loans, and $1.83 billion in construction loans (converting to term loans upon project completion). Additionally, the project has secured $929 million in tax equity commitments and a tax credit purchase agreement covering $2.13 billion in investment tax credits.

IPX Power was established as an independent power producer in March 2026 following its spin-off from Intersect Power, after Intersect was sold to Google. The company currently owns and operates a portfolio of 4.4 GW solar photovoltaic and 8.8 GWh battery storage assets located in California and Texas, which are either in operation or under construction. IPX serves utilities and other customers through large-scale clean energy projects.