BlueWave, a prominent developer, owner, and operator of solar and storage systems in the Northeastern United States, has announced two significant financial milestones. With parent firm Axium Infrastructure’s help, the business has obtained a $122 million corporate revolving credit facility and a $125 million revolving construction-to-term loan facility. The financing will help design and build distributed-generation community solar and storage projects that make a difference as private enterprises take the lead in addressing the nation’s energy independence and resilience demands.
In order to allow BlueWave to flexibly deploy its pipeline as projects begin construction, a $125 million revolving construction-to-term loan facility led by KeyBank and National Bank of Canada will supply initial term debt and construction debt, including tax equity bridge loans.
A corporate revolving credit facility for $122 million, financed by KeyBank and the New York branch of the Canadian Imperial Bank of Commerce, was also set up in addition to the revolving construction-to-term loan facility. This was done to support the ongoing expansion of BlueWave’s project development pipeline and give the business more operational flexibility.
“These financial milestones reflect BlueWave’s ability to deliver results and push forward through a volatile market,” stated Sean Finnerty, Chief Executive Officer. “The support of our financial partners enables us to scale innovative clean energy solutions that are resilient, inclusive and impactful.”
Canadian Imperial Bank of Commerce, the New York branch, has expanded its involvement in BlueWave’s corporate facility, while KeyBank is still a dedicated lending partner across both facilities. With this most recent fundraising milestone, BlueWave’s capital foundation to grow its impact-driven clean energy development is further strengthened with the addition of the National Bank of Canada as a major financial partner.
“We’ve seen firsthand the growing need for reliable energy solutions, and our investment reflects our confidence in BlueWave’s strategy, team and ability to help make that a reality,” stated Tyler Nielsen, KeyBanc Capital Markets’ Managing Director. “We’re proud to support a company that is not only advancing the clean energy transition but doing so with a clear commitment to communities.”
King & Spalding LLP provided advice to BlueWave on the corporate facility, while Norton Rose Fulbright and Foley Hoag LLP provided advice for the construction facility.
Winston & Strawn LLP provided advice to KeyBank and National Bank of Canada about the construction facility. Latham & Watkins LLP provided corporate facility advice to KeyBank and Canadian Imperial Bank of Commerce.
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