BrightNight and Cordelio Power Secure $414 Million for Solar Project

BrightNight, a renewable energy power producer, and its joint venture partner Cordelio Power, an independent renewable power producer that develops, owns, and manages renewable power facilities across Canada and the U.S., secured a $414 million construction credit facility for the development of a 300 MW Box Canyon utility-scale solar project in Pinal County, Arizona.

The construction of the solar project began in December 2023 and is expected to start operations in 1H 2025. Zions Bancorporation served as the Administrative Agent and Coordinating Lead Arranger. The Joint Lead Arrangers are the National Bank of Canada, Royal Bank of Canada, Sumitomo Mitsui Trust Bank, and Canadian Imperial Bank of Commerce.

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.”

The Box Canyon Solar Project utilizes PowerAlpha, BrightNight’s artificial intelligence platform. The project is a key component of BrightNight’s expansive plan for Arizona, which encompasses a 2 GW portfolio with 900 MW nearing completion in three counties.

Blattner has been appointed as the project’s engineering, procurement, and construction (EPC) contractor.

According to Mercom’s Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.

Dynamic Sun Energy, a unit of Paramount Textile, secured a financial package to build and operate a 100 MW grid-connected solar power project in Pabna, Bangladesh. The Asian Development Bank (ADB) led the financing package for the solar project.