Axium Infrastructure Acquires Solar and Storage Developer BlueWave

Axium Infrastructure, an infrastructure investment management firm, announced that an Axium managed fund (Axium) acquired BlueWave, a Boston-based solar and energy storage developer. Under the terms of the acquisition, BlueWave will keep its name and the entire team in place as it focuses on the growth of its solar energy and storage development portfolio.

Axium Infrastructure intends to support BlueWave’s community solar development and the practice of agrivoltaics and floatovoltaics. While Axium has other asset-based investments in the renewable energy sector, this marks Axium’s first renewable development company acquisition.

The acquisition helps BlueWave expand its business model that helps develop, build, own, and manage the projects within its development portfolio, driven by the company’s belief in the long-term value of community-scale solar.

BlueWave has developed and built more than 150 MW of solar projects to date.

BlueWave will focus on hiring to support the transition to long-term asset ownership and build a team to accelerate company growth.

“Axium’s ownership will enable tremendous growth opportunities as we look to own and operate our development assets and continue pioneering in dual-use solar development, storage development, and accessibility of renewable energy for low- to middle income communities,” said Trevor Hardy, CEO of BlueWave.

In May 2022, TotalEnergies, a multinational integrated oil and gas firm, acquired Austin-based Core Solar, a solar project developer, which owns more than 4 GW of utility-scale solar and energy storage projects at various stages of development across several U.S. states. Core Solar’s CEO Greg Nelson and his employees will join TotalEnergies’ teams as part of the transaction.

According to Mercom’s Q1 2022 solar funding and M&A report, a total of 29 solar M&A transactions were recorded in Q1 2022 compared to 43 in Q4 2021. In a YoY comparison, there were 20 solar M&A transactions in Q1 2021.


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