Forty-three small businesses will receive credits for the 22.7 MW dc generated from the projects.
A portfolio of four community solar projects in Maine are expected to benefit from $118.2 million in financing. BlueWave, the projects’ developer, owner and operator, said the 22.7 MW dc portfolio are qualified for Maine’s Net Energy Billing (NEB) program.
The financing includes a debt raise of $48.2 million with City National Bank and a tax equity raise of $70 million with First American Commercial Bancorp. Bluewave said the financing will support equipment and infrastructure used across four community solar project sites.
Forty-three small businesses that are participating in Maine’s net energy billing program will receive the solar credits on their energy bill from the 22.7 MW dc produced by the projects.
Maine’s NEB program is part of the state’s commitment to reach 80% renewable energy by 2030 and 100% by 2050. Net energy billing (also known as “net metering”) is a billing mechanism that credits solar energy system owners for the electricity they add to the grid. Maine has two programs under NEB: The kWh Credit Program, available to all electric utility customers, provides kWh credits on participating customers’ electricity bills; and the Tariff Rate Program, which is available to non-residential customers, provides dollar credits on participating customers’ electricity bills.
According to BlueWave, the arrays produce enough energy to support an estimated 4,685 households, based on the average annual consumption of Maine’s residential electrical consumers. The projects’ construction was completed in 2024.
BlueWave is known for its community solar, agrivoltaics, and floating-solar projects. For example, BlueWave helped develop an agrivoltaic project owned by Navisun that combines solar with blueberries by positioning solar panels above the existing wild blueberry farm field.
(See also: “Dual-purpose solar makes a greater impact” and “The evolving art and science of agrivoltaics”)
“As a certified B Corp, our work is rooted in a commitment to using our business as a force for good,” said BlueWave CEO and co-founder Trevor Hardy.
A B Corp is a for-profit corporation that is certified for meeting a high standard of verified performance, accountability and transparency on certain factors, such as its supply chain practices, input materials, employee benefits and charitable giving.
BlueWave was acquired by Axium Infrastructure in 2022, but continues to operate under the BlueWave name.
