- Major Financing: BlueWave has secured $91 million in financing for the construction and long-term management of five agrivoltaic projects in Massachusetts.
- Benefiting Communities: The projects are designed to serve multiple stakeholders, including landowners, farmers, and approximately 770 low-income households through the SMART Program.
- Alignment with State Goals: The projects support Massachusetts’ aim to reach net-zero emissions by 2050 and contribute to sustainable energy and agriculture.
- Setting New Standards: BlueWave aims to establish a new industry standard for responsible land use and farmland preservation.
- Financial Backing: KeyBank and U.S. Bancorp Impact Finance are the major financial partners, with KeyBanc Capital Markets Inc. serving as the coordinating lead arranger.
BlueWave, a prominent solar developer in the Northeast U.S., has announced a significant financing milestone that will bolster its long-term ownership and management of an expanding portfolio. The company has secured $91 million in financing, comprising a $64 million debt raise with KeyBank and a $27 million tax equity raise with U.S. Bancorp Impact Finance. The funds will be allocated for the construction and long-term financing of five agrivoltaic projects in Massachusetts.
A Step Toward Sustainable Energy and Agriculture
The projects are designed to benefit many stakeholders, including landowners, farmers, and local communities. Four of the five projects will allow for uninterrupted farming operations beneath the solar arrays, while the fifth will create a new grazing pasture. These projects are part of the Solar Massachusetts Renewable Target (SMART) Program and aim to provide solar energy bill credit savings to approximately 770 low-income households.
Aligning with Statewide Goals
Trevor Hardy, BlueWave’s CEO and Co-Founder, emphasized the importance of these projects in advancing renewable energy while preserving agricultural operations. “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,” said Hardy.
Setting Industry Standards
Mike Marsch, BlueWave’s Chief Development Officer, highlighted the company’s unique position in the industry. “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,” Marsch stated.
Financial Partners and Advisors
KeyBanc Capital Markets Inc. was the coordinating lead arranger for the debt financing. CohnReznick Capital and Foley Hoag, LLP also advised BlueWave.