NEW YORK, Oct. 14, 2024 /PRNewswire/ -- BrightNight, the next generation global renewable power producer built to deliver clean and dispatchable solutions, announced today the closing of a $260 million tax-equity financing commitment, including deferred contributions, for the 300-megawatt Box Canyon solar project, jointly owned with Cordelio Power, located in Pinal County, Arizona.

J.P. Morgan, through one of its affiliates, and Capital One, N.A., will provide the tax-equity financing for the project. The financing is structured as a partnership flip to monetize production tax credits.

BrightNight and Cordelio previously closed the project's construction financing in May 2024 with Zions Bank, CIBC, RBC, NBC, and SMTB.

The Box Canyon solar project represents the largest renewable energy procurement in the history of the Southwest Public Power Agency and a major milestone in Arizona's clean energy transformation. Expected to become operational in the first half of 2025, this project is part of a 2-gigawatt Arizona portfolio owned by BrightNight and Cordelio.

"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. 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," said BrightNight CEO Martin Hermann.

The Box Canyon solar project will generate enough electricity to power 77,000 Arizona homes and businesses annually with clean, reliable, and affordable energy. It features an innovative design optimized to maximize performance and deliver the highest-value project at the lowest cost, developed with the help of BrightNight's proprietary artificial intelligence platform, PowerAlpha.

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

About BrightNight

BrightNight is a leading renewable integrated power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions. BrightNight works with customers across the U.S. to design, develop, and operate safe, reliable, large-scale renewable power projects optimized to better manage the intermittent nature of renewable energy. Its deep customer engagement process, team of proven power experts, and industry-leading solutions enable customers to meet and exceed challenging energy sustainability standards, rapidly changing grid dynamics, and facilitate the transition away from fossil fuel generation. BrightNight's industry-first Artificial Intelligence platform, PowerAlpha, allows it to design, optimize, and operate renewable power plants with industry-leading economics and performance. In addition to Goldman Sachs, current BrightNight investors and partners include Global Infrastructure Partners and Cordelio Power. To learn more, please visit

About Cordelio Power

Cordelio Power is an independent renewable power producer that develops, owns, and manages renewable power facilities across Canada and the United States. Cordelio strives to work with all of our stakeholders in an efficient, safe, and environmentally responsible manner. With over 1,400 MW of operating assets under management, Cordelio also oversees a growth pipeline of over 22,000 MW of wind, solar and energy storage projects. Cordelio is wholly owned by Canada Pension Plan Investment Board.

SOURCE BrightNight