BlueWave Raises $118.2M In Debt & Tax Equity For Maine Solar

BlueWave, a top solar developer in the Northeast U.S., has secured $118.2 million in new funding to support community solar projects in Maine. This includes $48.2 million in debt financing from City National Bank and $70 million in tax equity financing from First American Commercial Bancorp, Inc. The funds will be used for equipment and infrastructure across four community solar sites.

BlueWave CEO and Co-Founder Trevor Hardy, said “As a certified B Corp, our work is rooted in a commitment to using our business as a force for good. This new portfolio of projects in Maine is helping us accomplish our goal, bringing renewable energy and utility savings to the communities we work within and serve every day. The support from our new financial partners and ongoing support from our parent company, Axium Infrastructure, also enables us to help advance the state’s clean energy goals.”

City National Bank Head of Growth & Sustainability Banking Marc Galindo, mentioned “City National Bank is proud to work with BlueWave, which has developed various solar development approaches, including agrivoltaics and community solar. City National will continue to provide financing solutions and expertise for renewable energy sponsors, like BlueWave, as we assist with investment in renewable power generating assets across the U.S.”

These solar sites are part of Maine’s Net Energy Billing program, which helps residents and businesses save on utility bills while contributing to clean energy production. Maine aims for net-zero emissions by 2040, and solar power made up around 13% of the state’s energy generation in 2023, according to the EIA. BlueWave has already developed 46.4 MWDC in the state, and these new projects add another 22.7 MWDC to the grid.

The projects benefit 43 small businesses and generate enough energy to power about 4,685 homes. Construction wrapped up in 2024. This achievement follows a successful funding round that enabled BlueWave to build and launch five solar projects in Massachusetts under the SMART Program, providing energy bill savings for low-income households.