BrightNight and Cordelio Power secure $260m financing for solar project

Renewable power companies BrightNight and Cordelio Power have secured $260 million in tax-equity financing for the 300MW Box Canyon solar project in Pinal County, Arizona. The financing, provided by affiliates of JP Morgan and Capital One, will help monetise production tax credits via a partnership flip structure.

The Box Canyon solar project, expected to be commissioned in the first half of 2025, will generate enough electricity to power 77,000 homes and businesses annually. It represents the largest renewable energy procurement in the history of the Southwest Public Power Agency and is a critical part of Arizona’s clean energy transformation.

Construction financing for the project, which is part of a 2GW Arizona portfolio, was secured in May 2024 from Zions Bank, CIBC, RBC, NBC, and SMTB. The project’s innovative design was developed using BrightNight’s proprietary AI platform, PowerAlpha, to optimise performance and reduce costs.

BrightNight CEO Martin Hermann expressed pride in the partnership with JP Morgan and Capital One, emphasizing the project’s role in supporting Arizona’s clean energy transition and providing long-term economic benefits and energy security.