BlueWave Secures $118.2 Million Debt and Tax Equity Raise to Support Maine Solar Portfolio

The financing, sourced from City National Bank and First American Commercial Bancorp, is helping BlueWave advance its Maine project portfolio, bringing community solar to local residents and businesses

BOSTON, Feb. 6, 2025 /PRNewswire/ -- BlueWave, a leading solar developer, owner, and operator in the Northeast U.S., has announced a new major financing round supporting its community solar portfolio in Maine. The $118.2 million in financing includes a debt raise of $48.2 million with City National Bank and a tax equity raise of $70 million with First American Commercial Bancorp, Inc., which support equipment and infrastructure utilized across four community solar project sites.

"As a certified B Corp, our work is rooted in a commitment to using our business as a force for good," said BlueWave CEO and Co-Founder Trevor Hardy. "This new portfolio of projects in Maine is helping us accomplish our goal, bringing renewable energy and utility savings to the communities we work within and serve every day. The support from our new financial partners and ongoing support from our parent company, Axium Infrastructure, also enables us to help advance the state's clean energy goals."

This BlueWave portfolio consists of four unique solar sites that are qualified for Maine's Net Energy Billing program, which enables community solar projects to provide utility bill savings to Maine residents and businesses that opt in. In addition to bill savings, the program supports the production of clean energy that is helping to decarbonize the grid.

"City National Bank is proud to work with BlueWave, which has developed various solar development approaches, including agrivoltaics and community solar," said City National Bank Head of Growth & Sustainability Banking Marc Galindo. "City National will continue to provide financing solutions and expertise for renewable energy sponsors, like BlueWave, as we assist with investment in renewable power generating assets across the U.S."

In 2023, the EIA estimated that solar power accounted for roughly 13% of Maine's total in-state energy generation. With a statewide goal of reaching net-zero emissions by 2040, responsible solar development is imperative. Historically, BlueWave has developed 46.4 MWDC in Maine, and these projects add 22.7 MWDC that feed directly into the grid as part of the Net Energy Billing system. The projects deliver solar energy bill credit savings to 43 Maine small businesses which are participating in the program. Based on the average annual consumption of Maine's residential customers, the arrays produce enough energy to support an estimated 4,685 households. Construction of the projects was completed in 2024.

The completion of this solar portfolio comes on the heels of a successful funding round that allowed five new projects to be constructed and begin operation across the state of Massachusetts. They are part of the Solar Massachusetts Renewable Target (SMART) Program and deliver solar energy bill credit savings to low-income households.

BlueWave was advised by Novogradac, KPMG 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 for the World" in Governance and was awarded Member Company of the Year by the Solar Energy Business Association of New England.

SOURCE BlueWave