IPX Power, an independent power producer, has closed committed financing for the construction and operation of the Darden solar and battery storage projects in Fresno County, California. The financing includes $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 completion, an aggregate $929 million of tax equity commitments, and tax credit purchase agreements for the project’s aggregate $2.13 billion investment tax credits.
Spearmint Energy, a utility-scale battery storage project developer, has closed approximately $450 million in financing for Red Egret, a 300 MW/600 MWh standalone battery energy storage project in Texas City, Texas. The financing package comprises a construction facility, an investment tax credit transfer, and preferred equity. Spearmint said construction has begun, and the project is expected to be completed in 2027. Spearmint said the construction facility will be repaid upon the project’s commencement of commercial operations
Hull Street Energy, a U.S.-based investment firm focused on power infrastructure, has signed an agreement to acquire FirstLight USA from the Public Sector Pension Investment Board. The acquisition includes nearly 1,400 MW of clean power generation projects in the Northeast U.S. The portfolio comprises Northfield Mountain, a 1,168 MW pumped storage facility in Massachusetts. According to the companies, Northfield Mountain is the largest energy storage facility in New England. The transaction also includes 14 hydroelectric stations in Connecticut, Massachusetts, and Pennsylvania, and three operational solar and battery storage facilities in the Northeast.
GridStor, a developer and operator of utility-scale battery energy storage projects, has acquired the 199 MW/796 MWh Birdseye battery storage project in Adams County, Colorado, from Accelergen. The company said the acquisition is its fifth in the last 18 months and its second in the Western U.S. GridStor plans to construct additional standalone battery storage capacity in the region, where it said electricity demand is growing rapidly. Once constructed, the Birdseye project is expected to provide power equivalent to serving more than 150,000 households during daily peak demand periods.
Frontier Power USA, a long-duration energy storage development and investment platform, has signed an agreement to acquire a 480 MWh battery storage project portfolio from Bimergen Energy Corporation. The portfolio includes three projects in the Electric Reliability Council of Texas market. Two are Texas 10 projects, and the third is a 100 MW/400 MWh project. Notices to proceed for the projects are expected to begin in mid-2026.
For reports and trackers on funding and M&A transactions in the solar, energy storage, and smart grid sectors, click here.
Read last week’s project finance brief.
