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., announces 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 Inc. served as coordinating lead
arranger for the debt financing.
"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," said
BlueWave Chief Executive Officer and Co-Founder Trevor Hardy. "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."
With a statewide goal of reaching net-zero emissions by 2050,
renewable energy has emerged as a pressing topic among local
policymakers and municipalities in Massachusetts. 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 uniquely designed to allow
for uninterrupted farming operations beneath the solar arrays while
the fifth site will create new grazing pasture. 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, in turn offsetting the carbon
emissions from 2,500 cars or what 540,000 mature trees could
absorb. The projects are expected to begin commercial operation
later this year.
"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," added Mike
Marsch, BlueWave's Chief Development Officer.
BlueWave was advised by CohnReznick Capital and Foley Hoag, LLP.
To learn more about BlueWave, visit bluewave.energy.
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 (NYSE:KEY)
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
deposit, lending, cash management, and investment services to
individuals and businesses in 15 states under the name KeyBank
National Association through a network of approximately 1,000
branches and approximately 1,300 ATMs. Key also provides a broad
range of sophisticated corporate and investment banking products,
such as merger and acquisition advice, public and private debt and
equity, syndications, and derivatives to middle market companies in
selected industries throughout the United
States under the KeyBanc Capital Markets trade name. For
more information, visit https://www.key.com/. KeyBank is Member
FDIC.
About U.S. Bancorp Impact Finance: U.S. Bancorp Impact
Finance, a subsidiary of U.S. Bank, is an industry leader in
providing financial solutions that help create positive impact for
communities and the environment. For 35 years, its tax credit
investments and syndications, lending and other financial solutions
have helped create affordable housing, spur economic activity in
underserved communities, restore historic buildings, develop
renewable sources of energy, and strengthen community development
financial institutions (CDFIs) nationwide. As of June 30, 2023, it has $43.3 billion in tax credit equity investments;
$5.5 billion in current loan
commitments to affordable housing, environmental and renewable
energy projects, community development financial institutions
(CDFIs) and other community development intermediaries; and has
raised $16.2 billion of federal tax
equity to support social and environment projects in communities
nationwide. Learn more at usbank.com/impactfinance.
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SOURCE BlueWave
