BlueWave's 5.74 MW DC, 4 MW community solar project in Orrington, Maine.
Wedoany.com Report-Feb 19, Maine four newly constructed community solar projects , funded by $118.2 million in financing from BlueWave, a solar and storage developer. These projects are expected to provide relief to ratepayers in Maine, who currently pay twice the national average for electricity. The projects qualify for Maine's Net Energy Billing (NEB) program, which allows community solar projects to provide utility bill savings to participating residents and businesses. The projects will deliver solar energy bill credit savings to 43 small businesses and produce enough energy to support nearly 4,700 households.
BlueWave's CEO, Trevor Hardy, emphasized the importance of community solar in helping Maine families impacted by rising energy prices and the company's commitment to using its business as a force for good. The financing for these projects includes a debt raise with City National Bank and a tax equity raise with First American Commercial Bancorp, Inc.
However, Republican lawmakers in Maine have proposed bills to repeal the laws that give the Public Utilities Commission the authority to establish the NEB program and prohibit the commission from adopting rules requiring utilities to allow customer participation. Senate Minority Leader Trey Stewart believes the program is costing Mainers money on their electricity bills and suggests exploring other options.
In addition, BlueWave had previously announced the construction and financing of five agrivoltaic projects in Massachusetts, which are part of the Solar Massachusetts Renewable Target (SMART) program and aim to set a new industry standard for responsible land use.
