BrightNight and Cordelio Power Secure $414 Million Financing for Box Canyon Solar Project in Arizona

BrightNight and its joint venture partner, Cordelio Power, have announced the successful securing of a US$414 million construction credit facility for their Box Canyon utility-scale solar power project in Pinal County, Arizona. The project, with a capacity of 300MW, commenced construction in December 2023 and is anticipated to begin operation in the first half of 2025.

Zions Bancorporation acted as the Administrative Agent and Coordinating Lead Arranger, with National Bank of Canada, Royal Bank of Canada, Sumitomo Mitsui Trust Bank, and Canadian Imperial Bank of Commerce serving as Joint Lead Arrangers.

As part of their development strategy, BrightNight advised BOCA bn, LLC on a 20-year power purchase agreement (PPA) with the Southwest Public Power Agency (SPPA) in December 2022. This PPA, representing the largest renewable energy procurement in SPPA’s history, marks a significant milestone in Arizona’s clean energy transition. The Box Canyon project is the inaugural venture in the 2 GW Arizona portfolio jointly owned by BrightNight and Cordelio Power.

The Box Canyon solar project, forming part of BrightNight’s extensive 37GW renewable power portfolio, is poised to power 77,000 Arizona homes and businesses annually, while offsetting approximately 600 metric tons of CO2 emissions per hour. Leveraging PowerAlpha®, BrightNight’s proprietary artificial intelligence platform, the project is designed to optimize performance and deliver cost-effective renewable energy solutions.

CEO Martin Hermann expressed the significance of the funding, highlighting its role in advancing BrightNight’s commitment to clean energy and economic development in Arizona. CFO Brian Boland emphasized the complexity of securing financing for utility-scale projects and expressed gratitude to the project partners for their support.

The Box Canyon Solar Project, with Blattner as the engineering, procurement, and construction (EPC) contractor, is poised to contribute to local job creation, economic growth, and energy security in the region.