Foley Hoag represented BlueWave, a leading solar developer, builder, owner, and operator in the Northeast U.S., in a major financing round of $118.2 million to support its community solar portfolio in Maine. The BlueWave project portfolio consists of four unique solar sites that are qualified for Maine's Net Energy Billing program, which enables community solar projects to provide utility bill savings to Maine residents and businesses that opt in. The program supports the production of clean energy to decarbonize the grid, as well as provides cost savings to ratepayers.
The $118.2 million financing includes a debt raise of $48.2 million with City National Bank and a tax equity raise of $70 million with First American Commercial Bancorp, Inc., which will support equipment and infrastructure utilized across the four community solar project sites.
Foley Hoag attorneys Mark Barnett, Nicholas Romanos, Anne Seymour, Kristine Sheehy, Maxwell Tenney, Erin Callahan, and Dania Keller represented BlueWave in this transaction.
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