The portfolio, developed and owned jointly by BlueWave and MS Solar Solutions Corp., a wholly-owned subsidiary of Morgan Stanley, consists of six community solar farms in Central and Southeastern Massachusetts.
(Boston, MA – September 21, 2018) – BlueWave Solar announced today the sale of its portfolio of solar energy projects to a Goldman Sachs Asset Management Renewable Power Group (GSAM RPG) account.
The portfolio, which was developed and jointly owned by BlueWave and MS Solar Solutions Corp, a wholly-owned subsidiary of Morgan Stanley, consists of six community solar farms in Central and Southeastern Massachusetts with a combined total capacity of 24 MW DC. Development of the farms began in 2013 and the projects have been operational since 2016.
Under the terms of the agreement, the GSAM RPG account will own the six solar energy projects moving forward, partnering with Ameresco, a leading provider of energy efficiency and renewable energy solutions in North America and the United Kingdom, to operate and maintain the project sites.
“We are delighted by the partnership with GSAM and Ameresco, both top-tier asset managers with the highest standards in project quality and customer compliance requirements,” said Trevor Hardy, BlueWave’s CEO. “These projects are a testament to the outstanding quality of the community solar offering BlueWave develops to deliver clean energy solutions and savings to consumers and communities.”
BlueWave will continue providing customer management services for all community solar subscribers at the six solar project sites. To date, nearly 600 homeowners, businesses, schools, and municipalities have subscribed to the projects, meaning they receive credits on their utility bills for a share of the energy produced by the projects, effectively saving them up to 10% for electing community solar as their clean energy solution.
“We take great pride in the relationships we have built with our customers and will ensure they continue to save money and get the high level of service that they’ve come to expect as part of their involvement in these projects,” Hardy added.
Founded as a solar development firm, BlueWave is a pioneer of community solar in Massachusetts, developing over 50 projects comprising more than 135 MW of solar in the Commonwealth to date. In 2015 it expanded to offer both residential solar loans and community solar to thousands of customers across the East Coast, providing third-party customer acquisition and management services for a number of long-term project owners and partners. Following the sale of its operating assets, BlueWave will continue to work with its partners to bring clean, local energy to Massachusetts and beyond.
“We believe both the projects and BlueWave are high quality,” said Jon Yoder, a Managing Director at GSAM. “We look forward to building on our relationship with BlueWave.”
About BlueWave Solar:
BlueWave is a B Corp on a mission to revolutionize energy with simple, powerful solar solutions. For homeowners who can install rooftop solar, we offer innovative loan financing through installers in MA, RI, NY, SC, NC, and FL. In addition, BlueWave is the only company offering AllBlue, which combines rooftop and community solar to deliver savings on 100% of customers’ energy use. Our solar management platform enables installers to make BlueWave loans and community solar accessible to more residents and businesses, while conveniently managing customers.
Pioneering developers of community solar farms in Massachusetts, BlueWave has developed and built more than 135 MW of projects to date and now provides community solar power access to thousands of customers, both through our own solar farms and through farms developed by others. To learn more about BlueWave, named one of the 20 fastest-growing companies in Massachusetts by the Inc. 5000, visit bluewavesolar.com or follow us on Twitter, Facebook, LinkedIn, or Instagram at @BlueWaveSolar.