BlueWave, a Boston, MA-based solar developer, owner, and operator, raised $91M in financing.
The financing included a debt raise of $64M with KeyBank and a tax equity raise of $27M with U.S. Bancorp Impact Finance.
The company intends to use the funds 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.
Led by CEO Trevor Hardy, BlueWave is a renewable energy company that develops and owns solar and battery storage projects. 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. The projects, which are expected to begin commercial operation later this year, aim to deliver enough clean energy to the grid to power 2,570 households in Massachusetts, in turn offsetting the carbon emissions from 2,500 cars or what 540,000 mature trees could absorb.
FinSMEs
11/09/2023