IPX Power closed committed financing for the Darden projects in Fresno County, California, in May 2026. The package includes $4.95B of construction debt, $929M of tax equity commitments, and tax credit purchase agreements tied to $2.13B of investment tax credits. Darden will include 1.15 GWac / 1.6 GWp of solar and 4.6 GWh of battery storage, with commercial operation expected in 2028.

The shift is clear: US solar storage financing is moving toward very large, hybrid assets where tax credit monetization is secured before operations. That matters because construction-stage projects now need capital certainty, ITC transfer visibility, and storage-backed dispatch value to clear financing risk.

IPX Power, an independent power producer, used a multi-layer capital stack. MUFG, Santander, Crédit Agricole CIB, Deutsche Bank, and Societe Generale led the debt syndicate. J.P. Morgan and Morgan Stanley provided tax equity, while J.P. Morgan committed to purchase unallocated ITCs.

This structure mirrors Enerdatics’ view that US solar-plus-BESS assets with contracted or merchant revenue support command stronger valuations, while tax equity and credit monetization improve asset cash flow visibility.

The commercial reason is scale plus de-risking. Darden is under construction financing, backed by long-term tax credit value and battery optionality for California’s grid.

This signals that large IPPs with bankable hybrid projects will access capital faster than standalone solar developers without tax credit transfer certainty.

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