BrightNight,  an independent renewable energy producer, announced the financial closure of a $260 million tax-equity financing commitment, including deferred contributions, for the 300 MW Box Canyon solar project in Arizona, which is jointly owned with Cordelio Power.

J.P. Morgan, through one of its affiliates, and Capital One, N.A., will provide the tax-equity financing for the project. The financing is structured as a partnership flip to monetize production tax credits.

The project is expected to become operational in the first half of 2025. Norton Rose Fulbright represented the sponsors, while Milbank represented the investors in the transaction. The financing is structured as a partnership flip to monetize production tax credits.

The Box Canyon Solar Project utilizes PowerAlpha, BrightNight’s artificial intelligence platform. The project is part of a 2 GW Arizona portfolio owned by BrightNight and Cordelio.

Earlier in May, BrightNight and its joint venture partner, Cordelio Power, also secured a $414 million construction credit facility for the development of the Box Canyon utility-scale solar project.

According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.

Recently, Enel Colombia, a subsidiary of Enel Group, an Italian multinational manufacturer and distributor of electricity and gas, secured a term loan in Colombian pesos equivalent to $300 million from the European Investment Bank (EIB) in partnership with SACE, the Italian insurance and financial group owned by Italy’s Ministry of Economy and Finance. The loan, which is backed by a SACE guarantee, will be used to develop solar projects and upgrade grids in Colombia.