BrightNight has closed on a $260 million tax-equity financing commitment, including deferred contributions, for the 300 MW Box Canyon Solar Project, jointly owned with Cordelio Power and located in Pinal County, Ariz.
J.P. Morgan, through one of its affiliates, and Capital One will provide the tax-equity financing for the project. The financing is structured as a partnership flip to monetize production tax credits.
BrightNight and Cordelio previously closed the project’s construction financing in May with Zions Bank, CIBC, RBC, NBC and SMTB.
The project represents the largest renewable energy procurement in the history of the Southwest Public Power Agency so far. Expected to become operational next year, this project is part of a 2 GW Arizona portfolio owned by BrightNight and Cordelio.
“We are delighted to partner with J.P. Morgan and Capital One to help the residents of Arizona meet their power needs and achieve their sustainability goals,” says BrightNight CEO Martin Hermann.
“With over 900,000 MWh of projected annual production, the Box Canyon Solar Project is a model of utility-scale renewable power. It will provide reliable, affordable clean energy to local communities, while creating long-term economic benefits, well-paying American jobs and strengthening the region’s energy security. We’re proud that this project will support Arizona’s clean energy transition and deliver value for decades to come”
Norton Rose Fulbright represented the sponsors in the transaction. Milbank represented the tax equity investors.
The post BrightNight Receives Financing from J.P. Morgan, Capital One for Arizona Project appeared first on Solar Industry.
BrightNight Receives Financing from J.P. Morgan, Capital One for Arizona Project
I’m not a financial pro, but here’s some advice:
Don’t live on a budget. Make a lot of money and live far beneath your means. What value does luxury actually bring to your life, especially if it makes you nervous about running out of cash?
As I told my kids when they were growing up, “Unless you’re completely shallow, showing off your money is an idiotic thing to do. You make false friends and have people glomming onto you to sell you stuff you really don’t need.”
Warren Buffett still lives in a modest house in Nebraska, a state in which he could buy an entire country. Maybe there is something about him and his values that could benefit you.
I see.
There’s not enough land in Spain to support rooftop and ground-mounted solar at a fraction of the cost.
LOL.
It’s possible that right now, there are other civilizations observing the human race, studying us from afar, and noticing our decline into savagery and eventual extinction by turning billionaires into trillionaires.
People say that the principal weakness of human beings is that we can’t plan for the future as a species. Dogs are arguably even worse, though they aren’t consumed with greed. They don’t plot the starvation of millions of other dogs so they themselves can have enough food to last a billion years.
As an elderly man, I’ll be leaving this planet soon, but I won’t cease pondering this until my heart stops beating.
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