Reviewing a full year post-acquisition by Axium Infrastructure, BlueWave has accelerated growth and invested in long-term asset ownership
BOSTON, Aug. 19, 2024 /PRNewswire/ — BlueWave – a leading solar and battery storage developer, owner, and operator in the U.S. – today shared its 2023 Impact Report highlighting project development achievements and corporate contributions from the past year. Continuing its success from previous years, BlueWave has developed 70 projects totaling 217 megawatts (MW) of solar as of the end of 2023. As built, the projects avoid 114,870 metric tons of CO2 annually, the equivalent of removing more than 24,900 cars from the road.
Long-Term Project Partner & Asset Management
2023 was notable as it marked the first full year of BlueWave’s partnership with Axium Infrastructure which has enabled the company to transition from a “Dev-Flip” model where BlueWave sold projects before construction began, to become an owner-operator. As an owner-operator, BlueWave’s involvement in projects continues past the issuance of a Notice to Proceed (NTP) for the entire life cycle of each site. As of last year, BlueWave is an owner-operator for two solar arrays in Palmer, MA totaling 10.6 MWDC which were completed in 2023 with additional fully owned projects in the pipeline.
BlueWave is also actively working on new project sites in 11 states for future solar projects which are estimated to generate 468 MW in solar development. Several projects are currently under construction and are expected to be operational in 2024. To maintain long-term partnership and management of new projects, BlueWave has welcomed 31 new members with skills in engineering, asset management, sustainability, operations, and project execution across the company.
“We’re more focused than ever on growing our pipeline of solar and storage projects and continuing to use innovative development styles such as agrivoltaics to support and protect the planet,” said Trevor Hardy, CEO and Co-Founder of BlueWave. “Becoming an owner-operator allows us to have even more involvement for the duration of the project lifecycle. With this arrangement, we maintain direct connections with our landowners and farming partners to ensure projects exceed expectations and realize benefits for the community and the natural environment.”
Continued Focus on Energy Storage Development
In addition to solar development, BlueWave has continued to transform energy usage, leveraging battery storage technology as a key project component. Deploying battery systems alongside solar arrays allows for projects that charge directly from the electric grid at times of low demand and dispatch energy at peak demand, accelerating the grid’s transition away from dependence on greenhouse gas emitting generation sources.
As of 2023, BlueWave is actively developing 1,479 MWDC of energy storage. BlueWave has secured sites in four states for future storage projects and nearly half (47%) of the solar projects either in development or in construction will include a battery energy storage system (BESS). BlueWave’s involvement as long-term owner-operator ensures that projects will be adjusted to continually adapt to the evolution of the electric grid and meet the needs of energy consumers.
Industry Partnerships & Engagement
Beyond developing projects across the country, BlueWave also further solidified its commitment to being a force for good and became a Public Benefit Corporation in 2023. The company is now required by law to pursue a public benefit based on a solid foundation of social and public good. Each aspect of the organization will operate in a responsible and sustainable manner as intended by company leadership and by law.
Additionally, BlueWave and select BlueWave employees engaged with industry partners to provide meaningful input to the industry at large. In 2023, BlueWave proudly became a member of the Massachusetts Farm Bureau Federation, in support of preserving and expanding agriculture including through agrivoltaics and dual-use solar.
BlueWave’s Chief of Staff, Mark Sylvia, was elected to a two-year term on the Coalition for Community Solar Access (CCSA) Board of Directors and was also appointed to Massachusetts’ Commission on Energy Infrastructure, Permitting and Siting (CEISP) to establish recommendations that aim to accelerate the responsible deployment of clean energy infrastructure in the Commonwealth.
BlueWave’s Senior Director for Policy and Government Affairs, Elizabeth Curran, was also re-elected to a three-year term on the New York Solar Energy Industry Association (NYSEIA) Board of Directors. This board brings together industry experts who want to achieve significant, long-term, and sustainable growth of solar energy for New York State.
Social Impact
Focusing beyond clean energy projects, BlueWave also worked internally to assess its social impact as a business. Through a partnership with YW Boston, BlueWave developed a DEI Action Plan which outlines goals related to equitable policies for 2023 and beyond. As a means of accountability and to ensure progress on these essential efforts, BlueWave also formed a new DEI Committee that will work to implement new recruitment strategies to attract more diverse talent to the clean energy industry and will provide training programs around cultural competence.
Continuing its commitment to civic engagement, BlueWave also gave back at the local and national level through charitable giving and the team spent more than 500 hours volunteering at various organizations.
To learn more, check out the full report HERE.
About BlueWave: BlueWave’s mission is to protect our planet by transforming access to renewable energy. As a pioneering renewable energy company that develops and owns solar and battery storage projects, BlueWave has a long track record of success and is developing several gigawatts of solar and battery storage projects throughout the United States to ensure our grid is reliable and efficient in a clean energy future.
BlueWave is proud to be a certified B Corp, recognized by B Labs as “Best for the World” in Governance and was recently awarded Member Company of the Year by the Solar Energy Business Association of New England
About Axium Infrastructure Inc.: Axium Infrastructure (comprised of Axium Infrastructure Inc. and its affiliated entities) is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium Infrastructure had over US$8.5 billion in assets under management as of June 30, 2024, as well as approximately US$1.5 billion in co-investments. With offices in Montreal, Toronto, Vancouver, New York, and London, the firm benefits from the capabilities of a group of specialists with decades of experience acquiring, developing, financing, operating, and managing infrastructure assets. Focus is placed on assets that are supported by robust market demand and under long-term contract with creditworthy counterparties. Since 2010, the firm has invested in a diversified portfolio of over 265 infrastructure assets.
SOURCE BlueWave
