What Happened

Cox, Castle & Nicholson served as real estate and permitting counsel for IPX Power's $4.95B financing package for the Darden solar and storage project in Fresno County, CA. The financing includes construction loans, tax equity commitments, and investment tax credits.

Who Is Affected

IPX Power secured its first project financing since formation. Major banks including MUFG, Santander, and J.P. Morgan participated as arrangers. Kirkland & Ellis, Orrick, and Milbank were among the legal advisors.

Market Impact

• One of the largest renewable energy project financings in 2024
• Validates investor appetite for solar+storage at scale (1.15 GWac / 4.6 GWh)
• Sets precedent for AB 205 opt-in certification projects in California

What to Watch

Procurement activity will accelerate as IPX Power moves toward 2028 commercial operation. Watch for EPC and equipment supplier announcements in the next 12-18 months.