BlueWave, a leading solar developer, owner, and operator in the Northeast U.S., announced a new major financing round to support its community solar portfolio in Maine. The $118.2 million in financing includes a debt raise of $48.2 million with City National Bank and a tax equity raise of $70 million with First American Commercial Bancorp. The funding will support equipment and infrastructure across four community solar project sites.
This BlueWave portfolio consists of four unique solar sites qualified for Maine’s Net Energy Billing program. This program enables community solar projects to save utility bills to Maine residents and businesses that opt-in. In addition to bill savings, the program supports the production of clean energy that is helping to decarbonize the grid.
In 2023, the EIA estimated that solar power accounted for roughly 13% of Maine’s total in-state energy generation. Responsible solar development is imperative with a statewide goal of reaching net-zero emissions by 2040.
Historically, BlueWave has developed 46.4 MWDC in Maine, and these projects add 22.7 MWDC that feed directly into the grid as part of the Net Energy Billing system. And the projects deliver solar energy bill credit savings to 43 Maine small businesses that are participating in the program. Based on the average annual consumption of Maine’s residential customers, the arrays produce enough energy to support an estimated 4,685 households. Construction of the projects was completed in 2024.
The completion of this solar portfolio follows a successful funding round that allowed five new projects to be constructed and begin operation across the state of Massachusetts. They are part of the Solar Massachusetts Renewable Target (SMART) Program and deliver solar energy bill credit savings to low-income households.
BlueWave was advised by Novogradac, KPMG and Foley Hoag.
KEY QUOTES:
“As a certified B Corp, our work is rooted in a commitment to using our business as a force for good. This new portfolio of projects in Maine is helping us accomplish our goal, bringing renewable energy and utility savings to the communities we work within and serve every day. The support from our new financial partners and ongoing support from our parent company, Axium Infrastructure, also enables us to help advance the state’s clean energy goals.”
- BlueWave CEO and Co-Founder Trevor Hardy
“City National Bank is proud to work with BlueWave, which has developed various solar development approaches, including agrivoltaics and community solar. City National will continue to provide financing solutions and expertise for renewable energy sponsors, like BlueWave, as we assist with investment in renewable power generating assets across the U.S.”
- City National Bank Head of Growth & Sustainability Banking Marc Galindo
