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September 15, 2023

Boston solar B Corp raises $91M for five projects, including one in Douglas

Photo | Courtesy of BlueWave A BlueWave solar project in Palmer

BlueWave, a Boston-based solar B Corp, raised $91 million in equity and debt to finance five agrivoltaic projects across Massachusetts, including one in Douglas.

BlueWave is planning a 3.5 MW array on approximately 20 acres at 45 Oak St in Douglas. The project was approved in 2020, and construction is expected to finish before the end of 2023, according to a statement from BlueWave. The other projects are in Dighton, Haverhill, and two in Palmer. 

BlueWave aims to supply clean energy as well as conserve farmland by designing its projects to allow agriculture operations at the sites of its solar arrays.

The financed projects will be part of the Solar Massachusetts Renewable Target program and will deliver solar energy bill credit savings to approximately 770 low-income households, according to a September 8 press release from BlueWave.

"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," BlueWave CEO and Co-Founder Trevor Hardy said in the press release. "The collaborative support from our parent company Axium Infrastructure has enabled us to bring long-term, institutional capital to a portfolio of projects that advance the sustainable generation of renewable energy in harmony with the continuing agricultural operations."

The financing includes $64 million in debt from Cleveland-based KeyBank and tax equity valued at $27 million with Minneapolis-based U.S. Bank subsidiary U.S. Bancorp Impact Finance.

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