San Francisco— August 6— IPX Power, LLC (“IPX Power” or “IPX”), announced the closing of an $800 million corporate credit facility—comprised of a $600 million revolving credit facility and a $200 million letter of credit facility—to support its continued growth. The facility will be used to fund pre-notice to proceed (“NTP”) capital for IPX’s development projects and other general corporate purposes.
“This facility is a strong endorsement of IPX Power’s independent platform and reflects the breadth and depth of our financial partnerships,” said David Brochu, CEO of IPX Power. “It will enable IPX to continue to develop its pipeline of projects at scale.”
IPX partnered with Initial Coordinating Lead Arrangers Banco Santander, S.A. and Deutsche Bank, with Santander acting as Administrative Agent. Additional banks participating in the facility include Coordinating Lead Arrangers Royal Bank of Canada, National Bank of Canada, BNP Paribas, Crédit Agricole CIB, and CIBC Capital Markets. Joint Lead Arrangers were KeyBanc Capital Markets Inc., TD Securities (USA) LLC, and HSBC Bank USA, N.A. Mandated Lead Arrangers were MUFG Bank, Ltd. and Wells Fargo and Truist Bank was a participating lender. Orrick, Herrington & Sutcliffe LLP acted as counsel to IPX Power, while Paul Hastings LLP acted as counsel to the lenders. TPG Capital BD, LLC served as IPX Power’s debt advisor, and Riverside Risk Advisors advised IPX Power on interest rate hedging.
“Santander is proud to extend our ongoing support to IPX Power with this strategic and innovative financing that will allow the company to continue delivering high-quality large-scale renewable energy projects,” said Nuno Andrade, Head of Structured Finance US for Santander Corporate & Investment Banking. “We congratulate all the parties involved, especially the entire IPX team for this outstanding achievement.”
“Deutsche Bank is very proud to continue to partner with IPX Power in this landmark financing. This financing will help facilitate IPX Power’s important contribution to the U.S. power grid, and is evidence of Deutsche Bank’s continued commitment to support the premier developers in the sector,“ said Jeremy Eisman, Managing Director and Head of Infrastructure & Energy Financing at Deutsche Bank.
IPX Power was formed in March 2026 through the spin-off of Intersect, LLC’s grid-tied clean energy business, following Google’s acquisition of Intersect’s digital power business. IPX Power, backed by TPG Rise Climate, Climate Adaptive Infrastructure (CAI), and Greenbelt Capital Partners, inherited Intersect’s operating and development portfolio across California and Texas.
About IPX Power
IPX Power is an independent power producer that develops, owns, and operates some of the world’s largest clean energy resources, delivering affordable, reliable power to utilities and other customers. IPX has 4.4 GW of solar PV and 8.8 GWh of battery storage in construction or operation. To learn more visit IPXPower.com.
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