BrightNight, a global producer of clean, dispatchable renewable energy solutions, has secured a $260 million tax-equity financing commitment that includes deferred contributions. This funding will support the 300-megawatt Box Canyon solar project, which is 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.
The tax-equity financing for the project is being provided by J.P. Morgan, through an affiliate, and Capital One, N.A. This financing uses a “partnership flip” structure—a strategy for monetizing production tax credits that maximizes tax benefits while attracting private investors to renewable energy.
“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 is set to produce enough clean, reliable, and affordable energy to power 77,000 Arizona homes and businesses each year. Its innovative design was optimized for peak performance and cost-efficiency using simulations from BrightNight’s proprietary AI platform, PowerAlpha®.
Beyond supplying renewable energy, the project is expected to create well-paying jobs, deliver lasting economic benefits to local communities, and enhance the region’s energy security by reducing reliance on traditional energy sources.
BrightNight & Cordelio: Leaders in Renewable Energy
As a leading renewable energy company, BrightNight delivers clean, dispatchable power solutions to utility, commercial, and industrial customers. Operating across the U.S., the company 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 for 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.