BlueWave Secures $100 Million from Morgan Stanley to Fund Community Solar in Massachusetts
BlueWave, a solar development and fintech company, headquartered in Boston, MA, and MS Solar Solutions Corp, a wholly-owned subsidiary of Morgan Stanley, one of the world’s leading financial institutions, announced recently they will develop, co-invest and jointly own a Community Solar portfolio of more than 25 MW in Massachusetts scheduled for completion in 2016. The relationship with Morgan Stanley represents BlueWave’s first major financing for its Community Solar product, a product it plans to launch elsewhere in the U.S. in 2016.BlueWave is currently in construction on Community Solar projects in Western and Southeastern Massachusetts enabling residents of those regions to now become BlueWave Community Solar members.
“A core element of BlueWave’s mission is to provide all energy consumers the opportunity to go solar and reduce both their electricity costs and their carbon footprint. For those homeowners and small businesses who can’t put solar on their rooftops, Community Solar is an incredibly valuable tool to meet that objective,” said BlueWave’s Managing Principal, John DeVillars.BlueWave’s expansive Community Solar pipeline has been driven by the explosive growth in residential solar demand, a market where an estimated 80% of households do not have a suitable rooftop for a solar installation. BlueWave Community Solar makes renewable energy accessible for everyone.
“Morgan Stanley’s capital – and, importantly, their expertise – means that together we have the opportunity to expand quickly and strategically, not only in Massachusetts, but in other markets as well.” said BlueWave Managing Director, Craig Wetmore.BlueWave has begun selling Community Solar memberships from projects currently in development throughout Massachusetts. The first two projects in the BlueWave & Morgan Stanley Community Solar portfolio, are located in Oxford MA and Fairhaven MA and total 2.5 MW. These projects are under construction and will begin providing savings to nearly 250 customers in March 2016.
BlueWave has played a leading role in the Massachusetts solar industry, where the company has executed solar power purchase agreements with more than 20 cities and towns, academic institutions, and affordable housing providers. The company has created 300 local engineering and construction jobs across the Commonwealth and as of December 2015 has generated $4.5M in annual savings for its customers. This track record and development success has earned BlueWave strong endorsements from Mayors, college and school heads, and affordable housing advocates.
Over the past 2 years, BlueWave has more than doubled its staff with offices located in Boston MA, Charleston SC, Charlotte NC, South Africa and the Bahamas. Building on this momentum, BlueWave’s relationship with Morgan Stanley will help position the company to grow new markets across the U.S.