A fund managed by Axium Infrastructure has acquired US solar and energy storage developer BlueWave for an undisclosed price.
Under the terms of the acquisition, BlueWave will keep its name and entire team in place as the company focuses on the growth of its solar energy and storage development portfolio.
Axium said its values align with BlueWave’s mission to transform access to renewable energy through a responsible development philosophy.
It has several other asset-based investments in the renewable energy sector, but this is its first renewable development company acquisition.
The acquisition marks an opportunity for BlueWave to evolve its business model to not only develop, but also build, own and manage the projects within its development portfolio, driven by the company’s belief in the long-term value of community-scale solar.
BlueWave will focus on hiring to support the transition to long-term asset ownership and build a team to support ongoing company growth.
The acquisition also gives BlueWave the financial security to weather the development market and continue the pursuit of innovative development avenues.
BlueWave chief executive Trevor Hardy said: “This acquisition marks a pivotal new period in BlueWave’s history. It was crucial for us to find a like-minded owner who shares in our mission to revolutionize renewable energy and to help us scale, and that partner is unequivocally Axium.
“Axium’s ownership will enable tremendous growth opportunities as we look to own and operate our development assets and continue pioneering in dual-use solar development, storage development and accessibility of renewable energy for low- to middle income communities.”
Axium Infrastructure US president Thierry Vandal said: “Our acquisition of BlueWave is a reflection of their solar and energy development innovation and a desire for us to significantly grow our renewable energy portfolio.
“We’re proud to support a company that not only shows growth and financial promise, but also aligns with our values and strong focus on ESG.
“We look forward to a bright and more sustainable future working alongside BlueWave’s tenured and talented team to push the limits on solar innovation.”