BrightNight Secures $260 Million Financing for Solar Project in Arizona

BrightNight, a global renewable power producer focused on providing clean and dispatchable energy solutions, has successfully closed a $260 million tax-equity financing commitment for its 300-megawatt Box Canyon solar project in Pinal County, Arizona. Cordelia Power jointly owns this project. 

BrightNight CEO Martin Hermann said, “We are delighted to partner with J.P. Morgan and Capital One to help the residents of Arizona meet their power needs and achieve their sustainability goals. With over 900,000 MWh of projected annual production, the Box Canyon Solar Project is a model of utility-scale renewable power.”

He added, “It will provide reliable, affordable clean energy to local communities, while creating long-term economic benefits, 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.”  

J.P. Morgan, through one of its affiliates and Capital One, N.A., will provide the financing, which will be structured as a partnership flip to capitalize on production tax credits. In May 2024, BrightNight and Cordelio had already secured construction financing with Zions Bank, CIBC, RBC, NBC, and SMTB.

The Box Canyon solar project marks a significant achievement as the largest renewable energy procurement in the Southwest Public Power Agency's history. It will play a vital role in Arizona’s clean energy transition. 

Set to become operational in the first half of 2025, it forms part of a broader 2-gigawatt portfolio owned by BrightNight and Cordelio in Arizona. 

Once completed, the Box Canyon project is expected to generate enough clean, reliable, and affordable electricity to power 77,000 homes and businesses in Arizona. 

The project's innovative design is optimized for maximum performance, leveraging BrightNight’s proprietary artificial intelligence platform, PowerAlpha®, to ensure the highest value at the lowest cost. 

Norton Rose Fulbright represented the sponsors in this transaction, while Milbank represented the tax equity investors.