HEI Sells Pacific Current's Hamakua Energy Plant to Harbert in Hawai'i

Hawaiian Electric Industries has sold its 60MW Hamakua energy plant in Hawai'i to Harbert Management. The plant was previously owned by Pacific Current, a subsidiary of HEI. Financial details of the deal were not disclosed. Harbert has been a long-time operator of electricity generating plants in Hawai'i and plans to continue serving the island's energy needs. The sale is part of HEI's strategy to focus on its core utility business.

Hawaiian Electric Industries, Inc. (HEI) has recently announced the sale of its subsidiary Pacific Current's 60-megawatt Hamakua Energy Plant on Hawai'i Island to Harbert Management Corporation (Harbert) [1]. The transaction, which is not expected to materially impact HEI's financial statements, is part of the company's strategic review of options for Pacific Current.

Harbert, a long-standing owner and operator of power generating facilities, has been active in Hawai'i since 1997, where it holds an ownership stake in the 208-megawatt Kalaeloa Partners LP cogeneration plant on O'ahu [1]. With a proven track record in owning and operating power plants and collaborating with utilities, Harbert is well-positioned to continue serving the energy needs of the island and support its transition to a more renewable energy future.

HEI's CEO, Scott Seu, expressed confidence in Harbert's capabilities, stating, "We believe Harbert's depth of experience in owning and operating power plants and being a good partner with utilities, including in our state, will serve the Hamakua Energy Plant and Hawaiian Electric well in their missions to supply power for the people of Hawai'i Island and support the island's transition to an increasingly renewable energy future" [1].

The sale of the Hamakua Energy Plant is a step towards simplifying HEI's strategy and regulatory position as the company focuses on its core utility business [1]. The strategic review process for other Pacific Current assets is ongoing.

References:
[1] Business Wire. (2023, March 10). HEI Subsidiary Sells Hawai'i Island Power Plant to Experienced Plant Operator. https://www.businesswire.com/news/home/2023-03-10-005771/en/