Cox Castle Advises on IPX Power’s $4.95B Darden Project

Cox, Castle & Nicholson LLP served as real estate and permitting counsel to IPX Power, LLC on the committed financing for the construction and operation of its Darden renewable energy projects in Fresno County, California. 

The financing encompasses $4.95 billion of construction debt. It includes 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 to a $1.83-billion term loan upon project completion, an aggregate $929 million of tax equity commitments, and tax credit purchase agreements for Darden’s aggregate $2.13-billion investment tax credits. 

The Cox Castle real estate team was led by partners Dan Engler and Adriana Vesci with essential support from associates Chris Valentino, Max Liaw, and Kevin Dousa. The Cox Castle permitting team was led by partners Annie Mudge and Robbie Hull with support from partners Rachel Jones and Peter Weiner.  

Along with serving as counsel on the land acquisition financing, Cox Castle acted as lead real estate and permitting counsel for the project, advising on efforts to secure site control for the project and obtain approvals under California Energy Commission’s AB 205 opt-in certification and other agency regulations. 

“Darden represents one of the most significant and complex renewable energy projects in the country, and we are proud to have supported IPX Power on both the development and financing efforts that have been critical to moving the project forward,” said Engler. 

Darden is the first project financing for IPX Power since its formation as an independent power producer earlier this year. Located on privately owned retired agricultural land in the Central Valley, Darden is expected to generate up to 1.15 GWac / 1.6 GWp of solar power and will include 4.6 GWh of battery storage. It’s expected to reach commercial operation in 2028.