Hawaiian Electric Sells Solar and Battery Storage Assets to Fortistar and Epic Star Energy

Hawaiian Electric Industries has sold its solar and battery storage assets to Fortistar and Epic Star Energy. The transaction is not material to the company's financial statements. The sale includes Pacific Current's operating solar and battery energy storage facilities on Kauai, Oahu, and Maui. HEI CEO Scott Seu believes Epic Star's expertise in renewable energy will make it a good partner for Hawaii's clean energy future.

Hawaiian Electric Industries, Inc. (HEI) has announced the sale of its subsidiary Pacific Current’s solar and battery storage assets to Fortistar and Epic Star Energy. The transaction, which closed on August 1, 2025, includes all of Pacific Current’s operating solar and battery energy storage facilities on Kauai, Oahu, and Maui. The sale is not expected to have a material impact on HEI’s financial statements [1].

The transaction is part of HEI’s ongoing divestment strategy for Pacific Current, following the March 2025 sale of the subsidiary’s Hamakua Energy facility. The strategic review process for Pacific Current’s remaining asset, a biomass plant on Kauai, is ongoing [1].

HEI CEO Scott Seu stated, “This transaction is another milestone on our path to a streamlined HEI enterprise focused on our core utility business. We believe Epic Star’s expertise in renewable energy will make it a good partner for Hawaii as our state continues on its path to a more clean, reliable and resilient energy future” [1].

Epic Star Energy, a Fortistar portfolio company, has extensive experience in renewable energy development. The company is currently developing one of Oahu’s largest solar plus battery storage facilities and has a history of building large solar PV and battery energy storage projects on the mainland [1].

Fortistar, a privately-owned investment firm, focuses on addressing complex sustainability challenges by providing capital to build, grow, and manage companies in this sector. The acquisition of these renewable energy assets further demonstrates Fortistar and Epic Star’s commitment to clean energy in Hawaii [1].

Scott DeGhetto, EVP & CFO of HEI, commented on the sale, “The sale of this portfolio ensures that these important renewable assets continue to provide clean power to our communities. We believe Epic Star's expertise in developing and operating renewable energy assets will make it a good partner for Hawaii as our state continues on its path to a clean, reliable and resilient energy future” [3].

HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and modernize its grid to ensure resilience and public safety [2].

References:
[1] https://www.nasdaq.com/press-release/hei-subsidiary-sells-solar-and-battery-storage-assets-fortistar-and-epic-star-2025-08
[2] https://www.marketscreener.com/news/hei-subsidiary-sells-solar-and-battery-storage-assets-to-fortistar-and-epic-star-ce7c5edbd988f621
[3] https://www.prnewswire.com/news-releases/fortistar-and-epic-star-energy-acquire-renewable-energy-portfolio-from-hei-subsidiary-302520603.html