Morgan Stanley is backing solar developer BlueWave Capital with US$100 million to build more than 25 megawatts of community solar in Massachusetts by the end of 2016.
The backing from Morgan Stanley is the first major financing for BlueWave’s community solar projects in Massachusetts. If successful, the mission-driven solar developer expects to expand the portfolio to other states next year.
BlueWave says it has more than 500 megawatts of solar projects in development, about one-tenth of which are in Massachusetts. The company is headquartered in Boston, but also has offices in South Carolina, North Carolina, South Africa and the Bahamas.
Earlier this year, solar developer Clean Energy Collective teamed up with MS Solar Solutions, the Morgan Stanley subsidiary that is backing BlueWave, to finance more than 50 megawatts of community solar over the next 18 months in Massachusetts. Massachusetts-based companies Nexamp and Next Step Living have also launched community solar offerings.
The first two BlueWave projects are in Oxford and Fairhaven and total 2.5MW. They will be operational starting in March. Massachusetts is one of the early leaders in community solar, with Minnesota, Colorado and California also at the top of the pack.