JP Morgan, Capital One provide US$260 million for 300MW Arizona solar PV project

Facebook
Twitter
LinkedIn
Reddit
Email
The project secured a US$414 million construction credit facility earlier this year. Image: Arizona Public Services.

US independent power producer (IPP) BrightNight has secured US$260 million in tax-equity finance from investment banks JP Morgan and Capital One, to aid in the development of a 300MW solar PV power plant in Pinal County, Arizona.

The Box Canyon solar project, jointly owned by BrightNight and Canadian asset manager Cordelio Power, is expected to become operational in the first half of 2025. This will be part of a wider renewable energy portfolio in Arizona totalling 2GW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Project developer BOCA, which is co-owned by BrightNight and Cordelio, started construction of the Box Canyon solar PV project in December 2023.

BOCA signed a 20-year power purchase agreement (PPA) with the Southwest Public Power Agency (SPAA), an Arizona utility, to sell power generated at the project, which forms part of BrightNight’s 37GW renewable energy portfolio.

BrightNight CEO Maryin Hermann said the project will support Americans by reducing energy bills and boost the local economy through jobs and contracts.

“With over 900,000MWh 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,” Hermann said.

The financing contribution revealed yesterday (14 October) will include deferred contributions. It will add to the previously-announced US$414 million in financing, secured to complete construction and work towards commissioning in the first half of 2025.

Zions Bancorporation, a US bank, was the administrative agent and coordinated the lead arranger for this previous deal. The lead arrangers were the National Bank of Canada, the Royal Bank of Canada, the Canadian Imperial Bank of Commerce and the Sumitomo Mitsui Trust Bank of Japan.

Earlier this year, another Arizona utility, Salt River Project, commissioned a 260MW solar-plus-storage project in the state, as the state looks to expand its solar portfolio. According to the US Solar Energy Industries Association (SEIA), Arizona had the fifth-most capacity in operation at the end of 2023, with 7.7GW connected to the grid.

The association expects the sector to grow by 9.1GW over the next five years, the fifth-most in the US.

13 November 2024
4pm GMT / 8am PST
This webinar by PVcase will provide an understanding of data risk for renewable energy projects and the challenges it poses, providing you with practical strategies and best practices to ensure data accuracy and reliability throughout your entire project. You'll explore innovative solutions offered by PVcase, including end-to-end automation, high-fidelity data analysis, and seamless data transfer, which can transform solar project development. By staying informed about the latest challenges and leveraging cutting-edge technology, you'll maximise project success, protect financial investments, and contribute to the broader goal of accelerating the clean energy transition. Don’t miss this opportunity to enhance the success and reliability of your solar developments.
26 November 2024
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

November 8, 2024
In Q3 2024, Sunrun added 230MW of solar PV capacity and 336MWh of storage, both a double-digit increase from the previous quarter.
November 8, 2024
Clenera has signed a power purchase agreement (PPA) with utility Arizona Public Service (APS) for its Snowflake A solar-plus-storage project.
November 8, 2024
US solar tracker manufacturer Array Technologies has posted US$231 million in revenues and adjusted EBITDA of US$46.7 million in its Q3 2024 financial results.
November 8, 2024
Danish renewable energy investment firm Copenhagen Infrastructure Partners (CIP) has launched a new Australian subsidiary, with eyes to deliver 6GW of new solar PV and wind energy in the next 10-years.
November 7, 2024
New South Wales, Australia, has secured the highest allocation of energy generation in the upcoming Capacity Investment Scheme (CIS) tender, standing at 7.1GW.
November 7, 2024
The Indian states of Rajasthan and Gujarat need a “concerted effort” to maintain their central roles in the country’s energy transition, according to the Institute for Energy Economics and Financial Analysis (IEEFA).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 12, 2024
San Diego, USA
Solar Media Events, Upcoming Webinars
November 13, 2024
4pm GMT / 8am PST
Solar Media Events
November 19, 2024
Philadelphia, USA
Solar Media Events
November 20, 2024
Zhuhai, China
Solar Media Events
November 21, 2024
London, UK