Renewable integrated power company BrightNight and Cordelio Power have secured a $260m tax-equity financing commitment for the Box Canyon solar project in Pinal County, Arizona, US.
The financing for the 300MW will be provided by JP Morgan’s affiliate and Capital One as a partnership flip to monetise production tax credits.
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Legal representation for the transaction was provided by Norton Rose Fulbright for the sponsors, and Milbank for the tax equity investors.
The Box Canyon solar project will be commissioned in the first half of 2025. The electricity generated by the project will power 77,000 Arizona homes and businesses annually.
is a significant venture, representing the largest renewable energy procurement in the history of the Southwest Public Power Agency. It is also a key component in Arizona’s clean energy transformation.
The project’s construction financing was closed in May 2024 with contributions from Zions Bank, CIBC, RBC, NBC and SMTB.
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By GlobalDataThe Box Canyon solar project is part of the 2GW Arizona portfolio owned by the two firms.
the Box Canyon solar project’s innovative design was developed with the assistance of PowerAlpha, BrightNight’s proprietary AI platform, to help maximise performance at the lowest cost.
BrightNight CEO Martin Hermann stated: “We are delighted to partner with JP Morgan and Capital One to help the residents of Arizona meet their power needs and achieve their sustainability goals.
“With over 900,000MWh [megawatt hours] of projected annual production, the Box Canyon solar project is a model of utility-scale renewable power. It will provide reliable, affordable clean energy to local communities, while creating long-term economic benefits [and] well-paying American jobs, and strengthening the region’s energy security.
“We’re proud that this project will support Arizona’s clean energy transition and deliver value for decades to come.”
In March 2024, BrightNight partnered with ACEN to develop and construct 1GW of renewable energy projects in the Philippines.
