Cox, Castle & Nicholson Advises on $4.95 Billion Financing of IPX Power’s Darden Solar and Storage Project
Cox, Castle & Nicholson LLP, a leading full-service law firm specializing in real estate in the United States, is proud to have served as real estate and permitting counsel to IPX Power, LLC (“IPX Power”) on the committed financing for the construction and operation of its Darden projects (“Darden”) 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, 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. In addition to 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 approval of the project 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. 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. Darden is expected to reach commercial operation in 2028.
About Cox, Castle & Nicholson LLP
Cox Castle was founded in Los Angeles in 1968, with the goal of providing superior and comprehensive legal services to businesses, institutions, and individuals across all aspects of the real estate, finance, and construction industries. Cox Castle is now one of the largest full-service law firms specializing in real estate in the United States, with more than 140 transactional attorneys and litigators across its Los Angeles, Orange County, and San Francisco offices.
The firm has substantial expertise in matters involving land and improved property acquisitions and dispositions; joint ventures; single and multifamily residential development; land use, entitlement, and regulatory compliance (including coastal commission and condemnation); office, industrial, retail, data centers, and mixed-use development, leasing, and management; commercial lending and institutional investment; loan workouts and financial restructuring; construction; resort and hospitality; labor and employment; risk management and insurance; environmental compliance; renewable energy and natural resources; and tax and estate planning. For more information, please visit www.coxcastle.com.
