Historic Financing Milestone for Arizona: BrightNight and Cordelio Power Secure Support

In a significant step for the energy transition in Arizona, BrightNight and Cordelio Power have received a financing commitment of $260 million for the Box Canyon Solar Project in Arizona. This investment will support the construction of a 300-megawatt solar project that produces enough energy to supply 77,000 households and businesses in Arizona annually. The financing is facilitated through a partnership with a JP Morgan subsidiary and Capital One, optimizing the tax incentives for energy generation. Legal advice for the sponsors and investors was provided by Norton Rose Fulbright and Milbank. The project, which is set to commence operations in the first half of 2025, represents the largest renewable energy procurement by the Southwest Public Power Agency and is a central component of Arizona's energy transition. Construction financing was already completed in May 2024 with the support of Zions Bank, CIBC, RBC, NBC, and SMTB. The innovative design of the Box Canyon Project was developed with PowerAlpha, BrightNight's AI platform, to ensure maximum efficiency at minimal cost. Martin Hermann, CEO of BrightNight, emphasized the importance of the partnership with JP Morgan and Capital One and highlighted the project's contribution to sustainable energy supply and economic development in the region.