Renewable power producer BrightNight announced it has closed a $260 million tax equity financing commitment for a 300 MW solar project in Pinal County, Arizona. The Box Canyon solar project is jointly owned with Cordelio Power.
J.P. Morgan, through one of its affiliates, and Capital One, will provide the tax-equity financing for the project. The financing is structured as a partnership flip to monetize production tax credits. Norton Rose Fulbright represented the sponsors in the transaction. Milbank represented the tax equity investors.
The project’s construction financing was secured in May 2024 with Zions Bank, CIBC, RBC, NBC, and SMTB. Box Canyon Solar is expected to reach commercial operations in the first half of 2025.
The project is part of a 2 GW portfolio of Arizona solar projects jointly owned by BrightNight and Coredlio Power. It is expected to generate over 900,000 MWh of electricity each year, or enough to power the equivalent of about 77,000 Arizona homes.
The project was developed with support from BrightNight’s proprietary artificial intelligence platform, PowerAlpha.
“The Box Canyon Solar Project is a model of utility-scale renewable power,” said BrightNight chief executive officer Martin Hermann. “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.”
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