BlueWave Capital signed partnered with Morgan Stanley subsidiary, MS Solar Solutions Corp., to co-invest in and co-own a community solar portfolio of more than 25 megawatts in Massachusetts. The $100 million investment from MS Solar Solutions shows that investors are increasingly looking to community solar projects as a new opportunity.
The projects in western and southeastern Massachusetts are scheduled for completion in 2016. BlueWave, a developer and financing company, plans to launch community solar projects elsewhere in the U.S. in 2016.
Community solar is one of the fastest growing segments of the U.S. solar industry and one of the more unique. It exists somewhere between residential and commercial solar power, allowing individuals to buy into a project that’s located away from their home but still experiencing the benefits of solar power. Meanwhile utilities can more easily integrate a community solar array into their electric grid than the equivalent of individual rooftop solar installations.
BlueWave has already executed solar power purchase agreements with more than 20 cities and towns, academic institutions and affordable housing providers in Massachusetts. Now it is moving into community solar projects. It is offering membership in its community solar projects. The first two projects are in Oxford and Fairhaven. They total 2.5 megawatts and will serve nearly 250 customers when when they become operational.
“A core element of BlueWave’s mission is to provide all energy consumers the opportunity to go solar and reduce both their electricity costs and their carbon footprint. For those homeowners and small businesses who can’t put solar on their rooftops, Community Solar is an incredibly valuable tool to meet that objective,” said BlueWave’s Managing Principal, John DeVillars.
BlueWave said its community solar project pipeline was driven by the growth in residential solar demand, “a market where an estimated 80 percent of households do not have a suitable rooftop for a solar installation.”
The partnership with MS Solar will also help the company realize its community solar goals. “Morgan Stanley’s capital—and, importantly, their expertise—means that together we have the opportunity to expand quickly and strategically, not only in Massachusetts, but in other markets as well.” said BlueWave Managing Director, Craig Wetmore. The company also has office in Charleston SC, Charlotte NC, South Africa and the Bahamas.Tweet