BlueWave Secures $91M for Agrivoltaic Projects in Massachusetts
Boston-based clean energy company BlueWave, a certified B Corp, has secured $91m in financing for five agrivoltaic projects in Massachusetts. The projects aim to set a new industry standard for responsible land use, benefiting both the environment and local communities.
The financing includes a $64m debt raise with KeyBank and a $27m tax equity raise with U.S. Bancorp Impact Finance. KeyBanc Capital Markets Inc. served as coordinating lead arranger for the debt financing. The projects are expected to begin commercial operation by the end of this year.
BlueWave's expertise in farming and regenerative agriculture, along with collaboration with researchers, will ensure the projects benefit landowners and farmers. The affected landowners include individual farmers, agricultural cooperatives, and local land trusts. Four of the five projects will allow uninterrupted farming operations beneath solar arrays, while the fifth will create new grazing pasture. Once operational, the projects will deliver clean energy to power 2,570 households in Massachusetts.
BlueWave's agrivoltaic projects demonstrate a harmonious blend of clean energy production and responsible land use. By supporting these initiatives, the company ensures the viability of farmland for future generations while providing renewable energy to local communities.
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