Community solar developer BlueWave acquired by investment firm BlueWave says the acquisition will allow it to expand its model from development to project ownership and management.

Credit: Laketricity

BlueWave, a Boston-based solar and energy storage developer and certified B Corp, and Axium Infrastructure, an infrastructure investment management firm, announced that an Axium-managed fund has acquired BlueWave. Under the terms of the acquisition, BlueWave will keep its name and entire team in place as the company focuses on the growth of its solar energy and storage development portfolio.

With an intent to integrate Environmental Social Governance (ESG) at the heart of its project development and management process, Axium’s values align with BlueWave’s mission to transform access to renewable energy through a responsible development philosophy. Axium is proud to support BlueWave’s industry-leading work in community solar development and the practice of agrivoltaics and floatovoltaics which promise to generate clean energy while being mindful of land conservation and preserving neighboring ecosystems. While Axium has several other asset-based investments in the renewable energy sector, this will be Axium’s first renewable development company acquisition.

The acquisition marks an opportunity for BlueWave to evolve its business model to not only develop, but also build, own and manage the projects within its development portfolio, driven by the company’s belief in the long-term value of community-scale solar. With this, BlueWave will focus on hiring to support the transition to long-term asset ownership and build a team to support ongoing company growth. The acquisition also gives BlueWave the financial security to weather the development market and continue the pursuit of innovative development avenues.

“This acquisition marks a pivotal new period in BlueWave’s history. It was crucial for us to find a like-minded owner who shares in our mission to revolutionize renewable energy and to help us scale, and that partner is unequivocally Axium,” said Trevor Hardy, CEO of BlueWave. “Axium’s ownership will enable tremendous growth opportunities as we look to own and operate our development assets and continue pioneering in dual-use solar development, storage development and accessibility of renewable energy for low- to middle income communities.”

News item from BlueWave

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Original Source: https://www.solarpowerworldonline.com/2022/05/community-solar-developer-bluewave-acquired-by-investment-firm/