California Gets $5B Solar Farm on Retired Farmland

IPX Power just locked in $4.95 billion to build one of the biggest solar and energy storage projects California has ever seen, turning old farmland into clean power for the state's grid.

The Darden project will rise from retired agricultural land in California's Central Valley, generating enough solar power to match 1.6 gigawatts of capacity. That's enough electricity to power roughly 400,000 homes once it goes online in 2028.

But the solar panels are only half the story. The project will also include 4.6 gigawatt-hours of battery storage, meaning it can store sunshine during the day and release clean energy when the grid needs it most, like during evening peak hours or heat waves.

IPX Power formed earlier this year as a spinoff from Intersect Power, which Google acquired for $4.75 billion. The company focuses exclusively on building large-scale clean energy infrastructure, and Darden marks its first major project financing as an independent company.

The financing package brought together more than 20 major banks and financial institutions, including JPMorgan, Deutsche Bank, Wells Fargo, and others. It includes a mix of construction loans, tax equity commitments, and innovative tax credit transfer agreements totaling over $2 billion in investment tax credits.

The Ripple Effect

This project shows how creative financing can unlock massive clean energy investments. The deal uses tax credit transfers, a tool from the Inflation Reduction Act that lets developers sell clean energy tax credits to other companies, making it easier to fund ambitious projects.

California's Central Valley location matters too. The region gets abundant sunshine and sits near major transmission lines, making it ideal for feeding renewable power into the state's grid. Using retired agricultural land means no active farms or natural habitats get displaced.

David Brochu, CEO of IPX Power, called Darden the kind of "large, complex, innovative" project essential for the energy transition. He credited deep collaboration with financial partners for making it happen.

When Darden reaches full operation, it will provide both immediate clean power and stored energy that helps California's grid stay stable as it continues moving away from fossil fuels. That combination of generation and storage represents the future of renewable energy, addressing the biggest challenge solar power faces: what happens when the sun goes down.

A retired piece of farmland is about to become a powerhouse for California's clean energy future.