Boston-based BlueWave and Morgan Stanley subsidiary MS Solar Solutions Corp. are joining together to develop, co-invest in and jointly own a portfolio of community solar projects totaling more than 25 MW in Massachusetts.
BlueWave is currently building community solar projects in western and southeastern Massachusetts, with completion scheduled for next year. The first two projects in the BlueWave/MS Solar Solutions portfolio are located in Oxford and Fairhaven, and they total 2.5 MW. These projects will come online in March 2016.
‘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,’ says Craig Wetmore, managing director of BlueWave.
BlueWave says it has executed solar power purchase agreements with more than 20 cities and towns, academic institutions and affordable-housing providers in Massachusetts. The relationship with Morgan Stanley represents the company's first major financing for its community solar product.