BlueWave funds $118.2M to build Maine community solar projects

Maine solar projects received $118.2M in financing from BlueWave, City National Bank, and First American, adding 22.7 MW (DC) under Net Energy Billing.

By Prudhvi Rani 08 Feb 2025 | Updated On 11 Feb 2025 12:15 IST in Project Bytes Business Bytes

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BlueWave’s Maine solar projects added 22.7 MW (DC) to the grid, reducing costs for residents and businesses under Net Energy Billing. Image Source: BlueWave

BlueWave, a solar company in the Northeast US, raised $118.2 million for its community solar projects in Maine. This included $48.2 million in debt financing from City National Bank and $70 million in tax equity funding from First American Commercial Bancorp, Inc. The funds support four solar projects. The portfolio, part of Maine’s Net Energy Billing program, provided bill savings to residents and businesses while adding 22.7 MW (DC)to the grid. Construction was completed in 2024. A previous funding round supported five solar projects in Massachusetts under the SMART program. BlueWave was advised by Novogradac, KPMG, and Foley Hoag, LLP.

#SolarFinancing #Maine #BlueWave #CityNationalBank #FirstAmerican

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