BrightNight, Cordelio Power Close on Financing for Arizona Box Canyon Project

BrightNight and Cordelio Power have secured a $414 million construction credit facility for their 300 MW Box Canyon solar power project in Pinal County, Ariz. 

“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,” says Martin Hermann, BrightNight CEO. 

“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.”

BrightNight and Cordelio Power are co-members of BOCA bn, the project’s owner.  Construction began in December, with the project expected to be operational next year. 

Zions Bancorporation served as administrative agent and coordinating lead arranger. Joint lead arrangers are National Bank of Canada, Royal Bank of Canada, Sumitomo Mitsui Trust Bank and Canadian Imperial Bank of Commerce. 

Blattner is the project’s EPC contractor.