BrightNight has closed on a $260 million tax-equity financing commitment, including deferred contributions, for the 300 MW Box Canyon Solar Project, jointly owned with Cordelio Power and located in Pinal County, Ariz.
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.
BrightNight and Cordelio previously closed the project’s construction financing in May with Zions Bank, CIBC, RBC, NBC and SMTB.
The project represents the largest renewable energy procurement in the history of the Southwest Public Power Agency so far. Expected to become operational next year, this project is part of a 2 GW 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,” says BrightNight CEO Martin Hermann.
“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”
Norton Rose Fulbright represented the sponsors in the transaction. Milbank represented the tax equity investors.
