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BlueWave Secures $91 Million Financing for Clean Energy Projects in Massachusetts

Introduction

The $91M financing sourced from KeyBank and U.S. Bancorp Impact Finance will enable BlueWave, a Boston-based clean energy IPP and B Corp, to advance the first 20MWs of its 2GW+ project pipeline.

BOSTON, Sept. 8, 2023 /PRNewswire/ — BlueWave, a leading solar developer, owner, and operator in the Northeast U.S., is thrilled to announce 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.

Advancing Clean Energy and Sustainable Development

BlueWave’s projects in Massachusetts are characterized by their innovative dual-use solar development attributes, also known as agrivoltaics. These projects aim to benefit all parties involved, including landowners, farmers, and surrounding community members. Through the use of agrivoltaics, BlueWave is able to supply clean energy, conserve farmland, and support underserved residents. Moreover, the financed projects will be part of the Solar Massachusetts Renewable Target (SMART) Program, providing solar energy bill credit savings to approximately 770 low-income households.

Responsible Land Use and Environmental Impact

Four of the five solar projects developed by BlueWave are unique in their design, allowing for uninterrupted farming operations beneath the solar arrays. The fifth site will create new grazing pasture. Each site features a varied selection of crops, pollinator habitats, and livestock grazing operations. These projects are expected to deliver enough clean energy to power 2,570 households in Massachusetts, offsetting the carbon emissions from 2,500 cars or what 540,000 mature trees could absorb. Commercial operation of the projects is set to begin later this year.

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Industry Leadership and Collaboration

BlueWave acknowledges the collective effort made by its team of trusted partners, including parent company Axium Infrastructure, in bringing these clean energy projects to fruition. The collaboration between BlueWave and industry leaders, as well as leading researchers from American Farmland Trust and the University of Massachusetts, supported by funding from the U.S. Department of Energy, has enabled the advancement of agrivoltaics and responsible land use practices. By setting a new industry standard, BlueWave aims to ensure farmland remains viable for future generations.

Advisory and Support

BlueWave received advisory services from CohnReznick Capital and Foley Hoag, LLP, further strengthening the company’s expertise in renewable energy financing and legal matters.

About BlueWave

BlueWave’s mission is to protect our planet by transforming access to renewable energy. As a pioneering renewable energy company that develops and owns solar and battery storage projects, BlueWave has a long track record of success and is developing several gigawatts of solar and battery storage projects throughout the United States to ensure our grid is reliable and efficient in a clean energy future. BlueWave is proud to be a certified B Corp, recognized by B Labs as “Best in the World” in Governance.

About KeyCorp

KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $195 billion at June 30, 2023. Key provides a wide range of financial services to individuals and businesses in 15 states. KeyBanc Capital Markets Inc., a subsidiary of KeyCorp, served as the coordinating lead arranger for the debt financing of BlueWave’s projects.

About U.S. Bancorp Impact Finance

U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, is committed to creating positive impact for communities and the environment. With a focus on tax credit investments, lending, and other financial solutions, U.S. Bancorp Impact Finance has played a pivotal role in supporting affordable housing, economic activity in underserved communities, renewable energy projects, and community development financial institutions (CDFIs) nationwide. Their extensive experience and expertise contribute to the successful implementation of BlueWave’s clean energy projects in Massachusetts.

SOURCE BlueWave

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