IPX Power has secured $4.95 billion in committed financing for the construction and operation of the Darden solar and storage projects located in Fresno County, California. The project will feature 1.15 GWac of solar capacity and 4.6 GWh of battery energy storage (BESS). Commercial operations for the project are expected to commence in 2028.

The project’s financing comprises $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 that will convert into a term loan upon project completion. The financing also includes $929 million in tax equity commitments and tax credit purchase agreements covering $2.13 billion in investment tax credits for the Darden project.

In March 2026, IPX Power was launched as an independent power producer following its carve-out from Intersect Power after the Intersect’s sale to Google. The company owns and operates a portfolio of 4.4 GW of solar PV and 8.8 GWh of battery energy storage assets that are operational or under construction across California and Texas. IPX serves utilities and other customers with large-scale clean energy projects.