BlueWave Announces Closing of $247 Million Credit Facilities to Support Growing Operations

New funding made possible by KeyBank, National Bank of Canada and Canadian Imperial Bank of Commerce, the New York branch, will support BlueWave's rapidly expanding business operations

BOSTON, July 30, 2025 /PRNewswire/ -- BlueWave, a leading solar and storage developer, owner, and operator in the Northeast U.S., today announced two new major financing milestones. With support from parent Axium Infrastructure, the company has secured both a $125 million revolving construction to term loan facility and a $122 million corporate revolving credit facility. As private companies take the reins on moving forward energy independence and resilience needs across the country, this funding will support the development and construction of distributed-generation community solar and storage projects that move the needle.

The $125 million revolving construction to term loan facility led by KeyBank and National Bank of Canada will provide construction debt, including tax equity bridge loans, and initial term debt via a revolving facility that will enable BlueWave to flexibly deploy its pipeline as projects enter construction.

In addition to the revolving construction to term loan facility, a corporate revolving credit facility for $122 million financed by KeyBank and Canadian Imperial Bank of Commerce, the New York branch, was also arranged to support the continued growth of BlueWave's project development pipeline and provide additional flexibility in the company's operations.

"These financial milestones reflect BlueWave's ability to deliver results and push forward through a volatile market," said Sean Finnerty, Chief Executive Officer. "The support of our financial partners enables us to scale innovative clean energy solutions that are resilient, inclusive and impactful."

KeyBank remains a committed lending partner across both facilities, and Canadian Imperial Bank of Commerce, the New York branch, has increased its participation in BlueWave's corporate facility. This latest financing milestone brings National Bank of Canada on board as a core financial partner, further strengthening BlueWave's capital foundation to scale its impact-driven clean energy development.

"We've seen firsthand the growing need for reliable energy solutions, and our investment reflects our confidence in BlueWave's strategy, team and ability to help make that a reality," said Tyler Nielsen, KeyBanc Capital Markets' Managing Director. "We're proud to support a company that is not only advancing the clean energy transition but doing so with a clear commitment to communities."

BlueWave was advised by Norton Rose Fulbright and Foley Hoag LLP on the construction facility and King & Spalding LLP on the corporate facility.

KeyBank and National Bank of Canada were advised by Winston & Strawn LLP on the construction facility. KeyBank and Canadian Imperial Bank of Commerce were advised by Latham & Watkins LLP on the corporate facility.

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 awarded Member Company of the Year by the Solar Energy Business Association of New England. 

To learn more about BlueWave, visit bluewave.energy.

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 approximately US$8.9 billion in assets under management as of March 31, 2025, 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 270 infrastructure assets.

For further information, including information about other infrastructure assets the firm has invested in, please visit www.axiuminfra.com. This release is for informational purposes only and does not constitute an offer or solicitation to buy securities of any entity.

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SOURCE BlueWave