BlueWave, a leading solar and storage developer, owner, and operator in the Northeast U.S., announced two new major financing milestones. With support from parent Axium Infrastructure, the company has secured both a $125 million revolving construction to term loan facility and a $122 million corporate revolving credit facility. As private companies take the reins on moving forward energy independence and resilience needs across the country, this funding will support the development and construction of distributed-generation community solar and storage projects that move the needle.
The $125 million revolving construction to term loan facility led by KeyBank and National Bank of Canada will provide construction debt, including tax equity bridge loans, and initial term debt via a revolving facility that will enable BlueWave to flexibly deploy its pipeline as projects enter construction.
In addition to the revolving construction to term loan facility, a corporate revolving credit facility for $122 million financed by KeyBank and Canadian Imperial Bank of Commerce, the New York branch, was also arranged to support the continued growth of BlueWave's project development pipeline and provide additional flexibility in the company's operations.
"These financial milestones reflect BlueWave's ability to deliver results and push forward through a volatile market," said 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."
KeyBank remains a committed lending partner across both facilities, and Canadian Imperial Bank of Commerce, the New York branch, has increased its participation in BlueWave's corporate facility. This latest financing milestone brings National Bank of Canada on board as a core financial partner, further strengthening BlueWave's capital foundation to scale its impact-driven clean energy development.
"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," said 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."
BlueWave was advised by Norton Rose Fulbright and Foley Hoag LLP on the construction facility and King & Spalding LLP on the corporate facility.
KeyBank and National Bank of Canada were advised by Winston & Strawn LLP on the construction facility. KeyBank and Canadian Imperial Bank of Commerce were advised by Latham & Watkins LLP on the corporate facility.