Key Impact Points:

• Major Investment: BrightNight closes $260M tax-equity financing for the 300MW Box Canyon solar project.
• Significant Capacity: The project will power 77,000 Arizona homes with clean energy annually.
• Strategic Partnerships: J.P. Morgan and Capital One lead financing, enhancing Arizona’s clean energy transformation.

Financing Announcement

BrightNight has announced the successful closing of a $260 million tax-equity financing commitment for its 300-megawatt Box Canyon solar project in Pinal County, Arizona. This financing, provided by J.P. Morgan and Capital One, is structured as a partnership flip to monetize production tax credits.

Project Significance

The Box Canyon solar project marks a historic milestone as the largest renewable energy procurement in the history of the Southwest Public Power Agency. It is expected to become operational in the first half of 2025 and is part of a broader 2-gigawatt portfolio owned by BrightNight and Cordelio Power.

Martin Hermann, CEO of BrightNight, stated, “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.”

Related Article: JP Morgan to Invest $2.5 Trillion for Sustainable Development Financing by 2030 – Reveals New 2023 ESG Report

Economic and Environmental Impact

The project is projected to generate over 900,000 MWh of clean energy annually, providing reliable power to local communities while creating well-paying jobs and enhancing energy security. It will supply enough electricity to power 77,000 homes and businesses in Arizona.

Innovative Design

The Box Canyon solar project features an innovative design optimized for performance, developed using BrightNight’s proprietary AI platform, PowerAlpha®. This technology ensures the project delivers the highest value at the lowest cost.

Legal Representation

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