US-based BrightNight and Cordelio Power have secured $260 million in tax-equity financing, backed by a J.P. Morgan affiliate and Capital One, for their 300 MW Box Canyon solar project in Pinal County, Arizona. This financing includes deferred contributions and is structured as a partnership flip to monetize production tax credits. The Box Canyon project is part of a 2 GW Arizona portfolio and is expected to become operational by mid-2025. It will produce over 900,000 MWh of clean energy annually, enough to power 77,000 homes. Additionally, the project is designed with the help of BrightNight’s artificial intelligence platform, PowerAlpha, to maximize performance while minimizing costs. The project was previously financed for construction in May 2024, with Zions Bank, CIBC, RBC, NBC, and SMTB providing support. Norton Rose Fulbright represented the sponsors, while Milbank represented the tax equity investors.
BrightNight achieves closing on $260M financing
The Box Canyon solar project, part of a 2 GW portfolio, is set to contribute to Arizona’s clean energy goals by mid-2025. (Image Credit/Source: KindelMedia/Pexels)
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