BrightNight JV in market for financing to support Box Canyon project in Arizona

A BrightNight joint venture is currently in the market looking to raise non-recourse project finance for its 300 MW Box Canyon Solar project after recently securing a USD 375m corporate credit facility, said two sources familiar with the situation.

BrightNight is developing the Pinal County, Arizona project in a joint venture with renewables developer Cordelio Power.

The project, which includes a 600 MWh battery energy storage system, is backed by a power purchase agreement with Arizona’s Southwest Public Power Agency Inc. (SPPA).

BrightNight publicly announced in November that they started construction on the project.

Separately, BrightNight announced on January 4th it closed a USD 375m corporate credit facility to fund development of its clean energy projects, according to a press release.

ING, Natixis CIB, and Sumitomo Mitsui Banking Corp were the coordinating lead arrangers and green loan coordinators on the corporate credit transaction.

HSBC served a joint lead arranger and administrative agent.

Latham & Watkins and PEI represented BrightNight in the transaction. Norton Rose Fulbright served as the lender counsel.

The company will use proceeds from this corporate credit facility to accelerate project development and procure equipment.

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