Axium plans to support BlueWave's community solar development and the practice of agrivoltaics and floatovoltaics. (Courtesy: BlueWave)

BlueWave, a solar developer, owner, and operator in the Northeast U.S., announced a financing milestone that will enable the B Corp to achieve long-term ownership and management of its growing portfolio.

The $91 million financing includes a debt raise of $64 million with KeyBank and a tax equity raise of $27 million with U.S. Bancorp Impact Finance for the construction and long-term financing of five projects in Massachusetts featuring 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. KeyBanc Capital Markets Inc. served as coordinating lead arranger for the debt financing.

With a statewide goal of reaching net-zero emissions by 2050, renewable energy has emerged as a pressing topic among local policymakers and municipalities in Massachusetts. As a certified B Corp, BlueWave is developing projects across the Commonwealth that supply clean energy, conserve farmland, and support underserved residents. The financed projects will be part of the Solar Massachusetts Renewable Target Program and deliver solar energy bill credit savings to approximately 770 low-income households.

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 will deliver enough clean energy to offset the carbon emissions from 2,500 cars or what 540,000 mature trees could absorb. The projects are expected to begin commercial operation later this year.

“The BlueWave team is uniquely poised to succeed, thanks to our team of industry leaders with vast experience in farming and regenerative agriculture. We’ve paired our people with leading researchers from American Farmland Trust and the University of Massachusetts on select sites, with funding from the U.S. Department of Energy, 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, BlueWave’s Chief Development Officer.