Paul Hastings Advises on IPX Power’s Financing for the Darden Projects

Paul Hastings LLP advised the initial coordinating lead arrangers, the administrative agent, the depositary agent, the lenders, the letter of credit issuing banks and the interest rate hedge providers in connection with IPX Power’s committed financing for the construction and financing of the Darden projects in Fresno County, California. The financing encompasses $4.95 billion of construction debt comprising a $403 million letter of credit facility, a $911 million tax equity bridge loan, a $1.81 billion tax credit transfer bridge loan, a $1.83 billion construction loan that will convert to a $1.83 billion term loan upon project completion, and an aggregate $929 million of tax equity investments and tax credit purchase agreements for Darden’s aggregate $2.13 billion of investment tax credits.

The financing represents the largest U.S. renewables project financing for 2026 and the fourth-largest project, generally, in 2026. It is the first-ever project financing for IPX Power. Darden is expected to reach commercial operation in 2028, generate up to 1.15 GWac/1.6 GWp of solar power and include 4.6 GWh of battery storage.

Partner David Avila led the Paul Hastings team, which included partners Michael Haun, Jaime Madell and Alexandro M. Padrés, of counsel Vince El Hayek and associates Nishu Prashant, Christine Walsh, AJ Wei, Auburn Wise, Emma Greenlee, Mary Emma Carlisle and Nuri Kim.

More details can be found here.

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