BrightNight and Cordelio Power Achieve Financial Close on $ 414M Project Financing for 300 MW Box Canyon Project in Arizona

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May 13, 2024, 08:07 ET

WEST PALM BEACH, Fla., May 13, 2024 /PRNewswire/ -- BrightNight, the next generation global renewable power producer built to deliver clean and dispatchable solutions, and its joint venture partner Cordelio Power, today announced they have secured a US$414 million construction credit facility for their Box Canyon utility-scale solar power project in Pinal County, Arizona. BrightNight and Cordelio are co-members of BOCA bn, LLC, the owner of the Box Canyon project. Construction of this 300MW project began in December 2023 and is expected to begin operation in 1H in 2025.

Zions Bancorporation served as the Administrative Agent and Coordinating Lead Arranger. The Joint Lead Arrangers are National Bank of Canada, Royal Bank of Canada, Sumitomo Mitsui Trust Bank, and Canadian Imperial Bank of Commerce.

BrightNight advised BOCA on the 20-year power purchase agreement (PPA) that BOCA entered into with the Southwest Public Power Agency (SPPA) in December of 2022. The project represents the largest renewable energy procurement in SPPA's history, and a major step in Arizona's clean energy transformation. The project is the first in the 2 GW Arizona portfolio owned by BrightNight and Cordelio Power to commence construction. BrightNight is leading the development of the Box Canyon project as part of its joint venture with Cordelio Power.

Part of BrightNight's industry-leading 37GW renewable power portfolio, the Box Canyon solar project will produce enough electricity to power 77,000 Arizona homes and businesses annually with clean, reliable, and affordable energy, offsetting ~600 metric tons of CO2 emissions every hour. The project features a design optimized to maximize performance and deliver the highest-value project at the lowest cost with the help of PowerAlpha^®, BrightNight's revolutionary artificial Intelligence platform. The Box Canyon Solar Project is an integral part of BrightNight's broader vision for Arizona that includes a 2 GW portfolio with 900 MW in advanced stages across three counties, slated to create over 800 local skilled jobs and generate hundreds of millions of dollars in tax revenue for the state and local municipalities. Blattner is the project's engineering, procurement, and construction (EPC) contractor.

BrightNight CEO Martin Hermann said, "Along with our recent $375 million corporate credit facility with a strong bank group, this successful financing is a significant milestone in funding the buildout of our extensive 37 GW renewable power portfolio. We deeply value our partnership with SPPA, Pinal County and the state of Arizona. This funding will bring much-needed clean power, hundreds of skilled jobs, economic development and energy security to this strategic and rapidly growing region."

"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," said BrightNight's CFO Brian Boland. "Reaching financial close on a utility-scale project of this magnitude is an extensive undertaking. These transactions are complex, require extensive due diligence and strong partners. I want to thank the BrightNight team, our participating banks, and project partners in supporting us on this project that will benefit SPPA, Arizona, and our investors."

About BrightNight

BrightNight is the first global renewable integrated power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions. BrightNight works with customers across the U.S. and Asia Pacific to design, develop, and operate safe, reliable, large-scale renewable power projects optimized to better manage the intermittent nature of renewable energy. Its deep customer engagement process, team of proven power experts, and industry-leading solutions enable customers to meet and exceed challenging energy sustainability standards, rapidly changing grid dynamics, and facilitate the transition away from fossil fuel generation. BrightNight's industry-first Artificial Intelligence platform, PowerAlpha®, allows it to design, optimize, and operate renewable power plants with industry-leading economics and performance. To learn more, please visit www.brightnightpower.com

About Cordelio Power

Cordelio Power is an independent renewable power producer that develops, owns, and manages renewable power facilities across Canada and the United States. Cordelio strives to work with all of our stakeholders in an efficient, safe, and environmentally responsible manner. With over 1,400 MW of operating assets under management, Cordelio also oversees a growth pipeline of over 20,000 MW of wind, solar and energy storage projects. Cordelio is wholly owned by Canada Pension Plan Investment Board.

SOURCE BrightNight