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.
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SOURCE BrightNight