BrightNight, a leading global renewable energy producer focused on providing clean and dispatchable solutions announced the closing of a $260 million tax-equity financing commitment including deferred contributions. The funding supports the 300-megawatt Box Canyon solar project co-owned with Cordelio Power and located in Pinal County, Arizona.
Box Canyon Solar: A Landmark in Arizona’s Clean Energy Shift
The Box Canyon solar project marks the largest renewable energy acquisition in the history of the Southwest Public Power Agency and a significant step in Arizona's transition to clean energy. Scheduled to begin operations in early 2025, the project is part of a 2-gigawatt Arizona portfolio jointly owned by BrightNight and Cordelio.
J.P. Morgan, through an affiliate and Capital One, N.A. will supply the tax-equity financing for the project. The financing uses a "partnership flip" structure—a strategy to monetise production tax credits. This method maximises tax benefits while attracting private investors to renewable energy.
Box Canyon solar project (Image Collected)
“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. 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,” said Maryin Hermann, BrightNight CEO.
Box Canyon Solar to Power 77,000 Arizona Homes
The Box Canyon solar project will produce enough clean, reliable, and affordable energy to power 77,000 Arizona homes and businesses each year. Its innovative design—optimized for peak performance and cost-efficiency—was developed using BrightNight’s proprietary AI platform, PowerAlpha®.
Beyond supplying renewable energy, the project will generate well-paying jobs and provide lasting economic benefits to local communities. It will also enhance the region’s energy security, reduce reliance on traditional energy sources and support a greener, more sustainable economy.
BrightNight & Cordelio: Leaders in Renewable Energy
BrightNight is a leading renewable energy company that delivers clean, dispatchable power solutions to utility, commercial and industrial customers. Operating across the U.S., BrightNight designs, develops and manages large-scale renewable power projects tailored to address the intermittent nature of renewable energy.
Through strong customer partnerships, a team of experienced power experts and innovative solutions, BrightNight helps clients meet stringent sustainability goals, adapt to evolving grid dynamics and transition from fossil fuels. Its AI platform, PowerAlpha® enables the design and optimization of renewable plants with top-tier performance and economic efficiency.
Cordelio Power is an independent renewable energy producer that develops, owns and operates renewable power facilities across Canada and the U.S. Committed to working efficiently, safely and responsibly with all stakeholders, Cordelio manages over 1,400 MW of operational assets and oversees a growing pipeline of over 22,000 MW in wind, solar and energy storage projects. The company is wholly owned by the Canada Pension Plan Investment Board.