A syndicate including U.S. and Canadian banks will provide financing for the large-scale 300–megawatt Box Canyon solar power project south of Phoenix in Pinal County.
Construction on the project near Florence began in December 2023, as a joint venture between West Palm Beach, Florida-based BrightNight and Toronto-based Cordelio Power LP, which is owned by the Canada Pension Plan Investment Board. The joint venture company is called BOCA BN LLC.
BOCA BN inked a long-term solar lease for the Box Canyon project in October 2023, covering 2,087 acres along State Route 79, north of Arizona Farms Road, according to Pinal County records. The company said it will make lease payments worth $65 million over the life of the project.
On May 13, the joint venture partners said that a $414 million construction credit facility had been finalized to back the project.
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