US independent power producer (IPP) BrightNight and Canadian asset manager Cordelio Power have finalized a $414 million construction credit facility for their 300MW Box Canyon solar project in Arizona.
Zions Bancorporation, a US bank, is overseeing the administrative duties and serving as the coordinating lead arranger, with additional support from lead arrangers including the National Bank of Canada, the Royal Bank of Canada, the Canadian Imperial Bank of Commerce, and the Sumitomo Mitsui Trust Bank of Japan.
Construction on the Box Canyon project commenced in December 2023, with the aim to complete construction and commissioning by the first half of 2025. The project is part of BrightNight's broader renewables portfolio totaling 37GW. BOCA, the project owner, has secured a 20-year power purchase agreement (PPA) with Arizona utility the Southwest Public Power Agency (SPAA) to sell the generated power.
“A critical part of being a next-generation IPP and building out our portfolio is securing the right capital to deliver on our ambitious plans,” stated BrightNight CFO Brian Boland. “Reaching financial close on a utility-scale project of this magnitude is an extensive undertaking.”
The financing news aligns with BrightNight's recent fundraising activities, which include securing $375 million for solar-plus-storage projects and a $1.2 billion deal to develop a renewables portfolio in the Philippines.
Arizona has been actively expanding its solar energy portfolio, with Salt River Project commissioning a 260MW solar-plus-storage project earlier this year. According to the US Solar Energy Industries Association (SEIA), Arizona ranked fifth in solar capacity at the end of 2023, with 7.7GW connected to the grid. SEIA projects a further 9.1GW growth in the sector over the next five years, placing Arizona among the top five states for solar expansion in the US.
