BrightNight and its partner, Cordelio Power, have announced substantial funding for their Box Canyon project in Pinal County, Arizona. This $414 million construction loan symbolizes the growing importance of renewable energies. Details of the agreement reveal that Zions Bancorporation played a crucial role as administrative agent and main coordinator of the arrangement.
Strong banking partners
The agreement saw the participation of renowned banks such as National Bank of Canada, Royal Bank of Canada, Sumitomo Mitsui Trust Bank and Imperial Bank of Commerce of Canada. These financial institutions brought their expertise to bear in navigating the complexities of financing such a large-scale project. It underlines the importance of strong partnerships in the renewable energies sector.
Economic and environmental impact
The Box Canyon project, which began construction in December 2023, is scheduled to start operations in the first half of 2025. With a capacity of 300 MW, it is designed to power around 77,000 homes in Arizona, while reducing CO2 emissions by almost 600 metric tons per hour. This initiative is the first of a planned 2 GW portfolio in Arizona, which also includes 900 MW at an advanced stage of development in three counties.
Advanced Energy Technology
One of the special features of the Box Canyon project is the integration of PowerAlpha®, a revolutionary artificial intelligence platform developed by BrightNight. This technology optimizes the design and operation of energy facilities to maximize their performance and profitability. This project is not only a step towards energy autonomy, but also a significant advance in technological innovation in the service of the environment.
