BlueWave, a solar and storage developer, owner, operator, and a subsidiary of Axium Infrastructure, an independent portfolio management firm, has secured $247 million from two credit facilities.
The first $125 million revolving construction-to-term loan facility was led by KeyBank and the National Bank of Canada, which is said to provide construction debt, including tax equity bridge loans, and initial term debt via a revolving facility. Norton Rose Fulbright and Foley Hoag advised BlueWave, where KeyBank and National Bank of Canada were advised by Winston & Strawn on this construction facility.
The remaining $122 million corporate revolving credit facility was provided by KeyBank and the Canadian Imperial Bank of Commerce, the New York branch. Both the banks were advised by Latham & Watkins.
“These financial milestones reflect BlueWave’s ability to deliver results and push forward through a volatile market,” said Sean Finnerty, Chief Executive Officer. “The support of our financial partners enables us to scale innovative clean energy solutions that are resilient, inclusive, and impactful.”
According to the company, this funding will support the development and construction of distributed-generation community solar and storage projects as they move into construction, while also providing additional flexibility in the company’s operations.
“We’ve seen firsthand the growing need for reliable energy solutions, and our investment reflects our confidence in BlueWave’s strategy, team, and ability to help make that a reality. We’re proud to support a company that is not only advancing the clean energy transition but doing so with a clear commitment to communities,” said Tyler Nielsen, KeyBanc Capital Markets’ Managing Director.
According to Mercom’s 1H 2025 Solar Funding and M&A report, solar debt financing activity in 1H 2025 reached $7.8 billion across 41 deals, representing a 41% decrease compared to 1H 2024, when $13.2 billion was raised in 51 deals.
In May, Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, secured a multi-currency credit facility valued at up to $415 million. This corporate funding was backed by a consortium of four major banks: Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley.
