BlueWave Achieves Major Financing for Expanding Solar Projects in Maine

BlueWave Secures $118.2 Million for Solar Development in Maine

In a significant move towards advancing renewable energy in the Northeast, BlueWave, a prominent solar developer based in the region, has secured an impressive $118.2 million in financing aimed at expanding its community solar portfolio in Maine. This substantial funding round involves a combination of debt and tax equity, providing financial leverage to enhance and extend the company's solar projects.

With $48.2 million sourced from City National Bank and an additional $70 million in tax equity from First American Commercial Bancorp, BlueWave is poised to make remarkable strides in promoting clean energy solutions to local communities. The funds are directed towards equipping and enhancing infrastructure across four distinct community solar project sites located throughout Maine.

BlueWave’s CEO and Co-Founder, Trevor Hardy, articulated the company's commitment to leveraging its operations for positive community impact. "As a certified B Corp, our work is rooted in a commitment to using our business as a force for good," he stated. By bringing community solar options to both residents and businesses, BlueWave strives to decrease energy costs while simultaneously fostering environmental sustainability. The projects supported by this financing package are aligned with Maine's Net Energy Billing program, which enables participants to benefit from reduced utility bills while contributing to the production of renewable energy that aids in decarbonizing the electric grid.

City National Bank has noted its pride in collaborating with BlueWave as it explores innovative solutions in solar development, including agrivoltaics—an approach combining agriculture and solar energy generation. Their Head of Growth Sustainability Banking, Marc Galindo, expressed enthusiasm about continuing to support renewable energy investments, underscoring the importance of creating a sustainable energy future across the United States.

According to recent estimates by the U.S. Energy Information Administration (EIA), solar energy accounted for approximately 13% of Maine's total energy production in 2023. Given the state’s ambitious goal of achieving net-zero emissions by 2040, responsible solar development is essential. Prior to this funding, BlueWave had already developed about 46.4 megawatts direct current (MWDC) of solar energy within Maine. The new projects will add 22.7 MWDC to the grid through the Net Energy Billing framework, enabling 43 small businesses to benefit from solar energy bill credits.

The energy output from these projects is estimated to be substantial: enough to meet the average annual consumption needs of around 4,685 households. The construction of these solar facilities was successfully completed in 2024. Notably, this achievement follows another successful funding round that facilitated the launch of five additional solar projects in Massachusetts, also designed to provide billing savings to low-income families through the Solar Massachusetts Renewable Target (SMART) Program.

BlueWave worked closely with consulting firms Novogradac, KPMG, and Foley Hoag, LLP throughout this financing process to ensure effective execution and compliance with regulatory standards.

Beyond financial growth, BlueWave is on a mission to transform the landscape of renewable energy access. They aim to protect the planet through the development of solar and battery storage projects, continually broadening their efforts across the United States.

Learn more about BlueWave's initiatives and projects at bluewave.energy.

About BlueWave
BlueWave is a pioneering renewable energy company dedicated to harnessing solar power and expanding battery storage capabilities. With a distinguished track record in the renewable energy sector, BlueWave is committed to ensuring a reliable and efficient grid through innovative solar solutions, all while proudly being recognized as one of the B Labs' 'Best for the World' companies in governance.

In conclusion, BlueWave's recent financial achievements stand as a testament to the growing momentum for solar energy initiatives, reinforcing their role as a leader in fostering sustainable energy solutions in Maine and beyond.