BlueWave – a leading solar developer, owner, and operator in the Northeast U.S. – recently announced a major financing milestone that will enable the B Corp to achieve long-term ownership and management of its growing portfolio. The $91 million financing includes a debt raise of $64 million with KeyBank and a tax equity raise of $27 million with U.S. Bancorp Impact Finance for the construction and long-term financing of five projects in Massachusetts featuring innovative dual-use solar development attributes, also known as agrivoltaics, that are strategically implemented to benefit all parties impacted by the projects, including landowners, farmers, and surrounding community members. KeyBanc Capital Markets served as the coordinating lead arranger for the debt financing.
With a statewide goal of reaching net-zero emissions by 2050, renewable energy has become a pressing topic among local policymakers and municipalities in Massachusetts. And as a certified B Corp, BlueWave is developing projects across the Commonwealth that supply clean energy, conserve farmland, and support underserved residents. The financed projects will be part of the Solar Massachusetts Renewable Target (SMART) Program and deliver solar energy bill credit savings to approximately 770 low-income households.
Four of the five solar projects are built to allow uninterrupted farming operations beneath the solar arrays, while the fifth site will create new grazing pasture. And each site features a varied selection of crops, pollinator habitats, and livestock grazing operations. The projects will deliver enough clean energy to the grid to power 2,570 households in Massachusetts, offsetting the carbon emissions from 2,500 cars or what 540,000 mature trees could absorb. Plus, the projects are expected to begin commercial operation later this year.
KEY QUOTES:
“The development of these innovative agrivoltaic projects across the Commonwealth has been many years in the making and represents the joint effort of BlueWave and its team of trusted partners who have brought these clean energy projects to fruition. The collaborative support from our parent company Axium Infrastructure has enabled us to bring long-term, institutional capital to a portfolio of projects that advance the sustainable generation of renewable energy in harmony with the continuing agricultural operations.”
— BlueWave Chief Executive Officer and Co-Founder Trevor Hardy
“The BlueWave team is uniquely poised to succeed, thanks to our team of industry leaders with vast experience in farming and regenerative agriculture. We’ve paired our people with leading researchers from American Farmland Trust and the University of Massachusetts on select sites, with funding from the U.S. Department of Energy, to advance understanding and deployment of agrivoltaics. As solar continues to scale across the country, these projects aim to set a new industry standard for responsible land use and ensure farmland is kept viable for future generations.”
— Mike Marsch, BlueWave’s Chief Development Officer
