Box Canyon is predicted to generate 900,000 megawatt-hours annually, enough electricity to power 77,000 homes and businesses in Arizona every year. (Source: Shutterstock)
The Box Canyon solar project, located in Pinal County, Arizona, has secured a $260 million tax-equity financing commitment from Capital One and an affiliate of J.P. Morgan, according to an Oct. 14 press release.
BrightNight and Cordelio Power jointly own the 300-megawatt solar project, which is expected to become operational in the first half of 2025, BrightNight said. The project is part of the partners’ 2-gigawatt Arizona portfolio.
Box Canyon is predicted to generate 900,000 megawatt-hours annually, enough electricity to power 77,000 homes and businesses in Arizona every year.
J.P. Morgan and Capital One’s financing commitment includes deferred contributions and is structured as a partnership flip to monetize production tax credits, according to the release. Norton Rose Fulbright represented the sponsors in the transaction. Milbank represented the tax equity investors.
In May, the project’s construction financing closed with Zions Bank, CIBC, RBC, NBC and SMTB.
Recommended Reading
Mexico Pacific’s Saguaro: LNG’s Quicker Route to Asian Markets
2024-11-19 - Mexico Pacific’s 30-mtpa Saguaro LNG terminal promises a connection to Asia for Permian Gas that avoids the Panama Canal.
Analysts: Trump’s Policies Could Bring LNG ‘Golden Era’ or Glut
2024-11-27 - Rystad warns that too many new LNG facilities could spell a glut for export markets.
DOE: ‘Astounding’ US LNG Growth Will Raise Prices, GHG Emissions
2024-12-17 - The Biden administration released Dec. 17 a long-awaited report analyzing the effects of new LNG export projects, which was swiftly criticized by the energy industry.
FERC OKs Export Capacity Expansion at KMI’s Georgia LNG Plant
2024-11-25 - Kinder Morgan subsidiary Southern LNG’s Elba Island terminal has been granted permission by the Federal Energy Regulatory Commission to go ahead with a 0.4-mtpa production bump.
Cheniere Produces First LNG in Corpus Christi Expansion Project
2024-12-30 - Houston-based Cheniere adds to quickly growing U.S. production capacity.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.