Fresno County — May 27, 2026 — Independent power producer IPX Power has closed a massive $4.95 billion financing package to build and operate the Darden solar and battery storage project in California’s Central Valley. The facility will deliver 1.15 GW of solar capacity alongside 4.6 GWh of battery storage, making it one of the largest single solar‑plus‑storage financings in U.S. history. Commercial operations are targeted for 2028.
Complex Financing Structure
The financing includes construction debt, tax equity commitments, and tax credit purchase agreements, reflecting the evolving landscape of U.S. clean energy project finance. Major institutions such as J.P. Morgan and Morgan Stanley provided tax equity commitments, while a syndicate of 17 global lenders participated in the debt package. The deal also carries a green loan designation, aligning with sustainability principles and broadening investor appeal.
Strategic Site Selection
The Darden project will be built on retired agricultural land in California’s Central Valley, avoiding competition with active farming while leveraging one of the nation’s most productive solar regions. The co‑located battery storage system will enhance grid reliability, providing services such as energy arbitrage, frequency regulation, and peak demand support.
Impact on California’s Energy Transition
With its scale and integrated storage, the project is expected to play a critical role in California’s shift away from fossil fuels. By combining solar generation with large‑scale storage, IPX Power aims to stabilize the grid during evening demand peaks and contribute to the state’s long‑term renewable energy goals.
