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.
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SOURCE BlueWave