Investment management firm Axium Infrastructure has acquired Boston-based solar and energy storage developer BlueWave, its first acquisition of a renewables developer.
The developer will retain its name and entire team as the acquisition will mark a “pivotal new period” in the growth of its solar energy and storage development portfolio which sits at more than 150MW so far.
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BlueWave will also look to expand its business model moving from just developing projects to also build, own and operate the projects within its development portfolio.
Moreover, the Boston-based developer will continue the development of community solar projects with in mind its accessibility of renewable energy for low- to middle income communities, said Trevor Hardy, CEO at BlueWave.
Aside from developing community solar projects and agrivoltaics, BlueWave has also developed floatovoltaics projects in Massachusetts in partnership with Laketricity.
Thierry Vandal, president at Axium Infrastructure US, said: “Our acquisition of BlueWave is a reflection of their solar and energy development innovation and a desire for us to significantly grow our renewable energy portfolio. We’re proud to support a company that not only shows growth and financial promise, but also aligns with our values and strong focus on ESG.”
Earlier this month, PV Tech Premium spoke with BlueWave’s managing director, Alan Robertson, about increasing community support for solar PV projects.