Cox, Castle & Nicholson LLP has advised IPX Power, LLC on a multi-layered financing package supporting the construction and operation of the company's Darden renewable energy project in Fresno County, California. The law firm served as real estate and permitting counsel on the committed capital stack backing the large-scale solar and storage development.
The financing structure centers on $4.95 billion of construction debt dedicated to building out the Darden projects. Within that total, the package features 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 designed to convert into a $1.83 billion term loan once the project is completed. In addition, the capital plan includes an aggregate $929 million of tax equity commitments as well as tax credit purchase agreements tied to Darden's projected $2.13 billion in investment tax credits.
Cox Castle's real estate team on the assignment was led by partners Dan Engler and Adriana Vesci, supported by associates Chris Valentino, Max Liaw, and Kevin Dousa. The firm's permitting team was led by partners Annie Mudge and Robbie Hull, with additional support from partners Rachel Jones and Peter Weiner, reflecting the project's substantial entitlement and regulatory workstream.
Beyond advising on the land acquisition financing, Cox Castle acted as lead real estate and permitting counsel across the broader Darden initiative. The firm assisted IPX Power in securing site control for the project and in pursuing approvals through the California Energy Commission's AB 205 opt-in certification process, along with other applicable agency regulations. Engler noted that Darden is regarded as one of the most significant and complex renewable energy projects underway nationally and underscored the importance of aligning development and financing milestones to keep the initiative advancing.
Darden represents IPX Power's first project financing since the company's recent formation as an independent power producer. Sited on privately owned, retired agricultural land in California's Central Valley, the project is expected to deliver up to 1.15 GWac / 1.6 GWp of solar generation capacity and incorporate 4.6 GWh of battery energy storage. Commercial operations are anticipated in 2028, positioning Darden as a large-scale contributor to the region's renewable energy supply once fully built and energized.
