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.