BlueWave, a Boston-based clean energy IPP and B Corp, reached a major financing milestone involving $91m that will enable the company to achieve long-term ownership and management of its expanding portfolio.
The financing includes a debt raise of $64 million with KeyBank and a tax equity raise of $27 million with U.S. Bancorp Impact Finance. It is expected to support the construction as well as long-term financing of five agrivoltaic projects in Massachusetts, which support simultaneous use of land for both solar plants and agriculture, benefiting all parties impacted, including landowners, farmers and surrounding communities.
Four of the five agrivoltaic projects are designed to allow for uninterrupted farming operations beneath the solar arrays, while the fifth site will create new grazing pasture. Each site will feature a varied selection of crops, pollinator habitats and livestock grazing operations. Altogether, the five projects will deliver enough clean energy to the grid to power 2,570 households in Massachusetts.
"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 Trevor Hardy, Co-Founder and CEO of BlueWave.
As a certified B Corp, BlueWave is developing projects across Massachusetts that supply clean energy, conserve farmland and support underserved residents.
Beyond rich solar expertise, BlueWave's team members have vast experience in farming and regenerative agriculture. With funding from the U.S. Department of Energy, the company also collaborates with leading researchers from American Farmland Trust and the University of Massachusetts on select sites 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," said Mike Marsch, Chief Development Officer of BlueWave.
KeyBanc Capital Markets Inc. served as coordinating lead arranger for the debt financing. The projects are expected to begin commercial operation by the end of this year.