BlueWave secures USD 91m for agrivoltaics in Massachusetts
BlueWave’s Barrett Street project
US solar developer BlueWave has secured USD 91 million (EUR 84.8m) to support the construction and long-term financing of five agricultural photovoltaic projects in Massachusetts.
The funds will advance the development of the first 20 MW of BlueWave’s project pipeline of more than 2 GW. The sites are expected to become operational later in 2023, the company said in a recent statement.
The secured financing includes a debt raise of USD 64 million with KeyBank and a tax equity raise of USD 27 million with US Bancorp Impact Finance.
Four of the five solar projects are designed to allow uninterrupted farming operations beneath the solar arrays, while the fifth one will create new grazing pasture. All of them will be part of the Solar Massachusetts Renewable Target (SMART) Program and deliver solar energy bill credit savings to around 770 low-income households.
BlueWave develops and owns solar and battery storage projects in the northeast US. The company is owned by Axium Infrastructure which took over the business last year.