BlueWave, a solar and storage project developer, secured $91 million in financing from KeyBank and U.S. Bancorp Impact Finance for the construction and long-term financing of five projects in Massachusetts.
The $91 million financing includes a debt raise of $64 million provided by KeyBank and a tax equity raise of $27 million from U.S. Bancorp Impact Finance.
The five projects feature 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. The financed projects will be part of the Solar Massachusetts Renewable Target (SMART) Program.
“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
Four of the five solar projects are 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 are expected to begin commercial operation later this year.
“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, BlueWave’s Chief Development Officer.
KeyBanc Capital Markets Inc. served as coordinating lead arranger for debt financing. BlueWave was advised by CohnReznick Capital and Foley Hoag, LLP.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, the announced large-scale project funding in Q2 2023 reached $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
GreenYellow, a renewable energy project developer, recently secured €31 million (~$33.25 million) financing for the construction of 55 solar power plants totaling 32 MW in mainland France and the French overseas territories.