Hawaiian Electric Industries (HEI), the parent organisation of Pacific Current, has sold Pacific Current’s 60MW Hamakua energy plant in Hawaiʻi to a subsidiary of Harbert Management.
Financial details of the deal have not been disclosed.
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Harbert has been a long-time proprietor and operator of electricity generating plants, including in Hawaiʻi, where it has possessed a stake in the 208MW Kalaeloa Partners co-generation facility on O’ahu since 1997.
Harbert senior managing director and infrastructure head Claude Estes stated: “Harbert has enjoyed a long relationship with Hawaiian Electric and looks to build on that through this acquisition.
“We are excited to be a part of the state’s energy future and to serve the residents of the Island of Hawaiʻi.”
The disposal of the facility represents a significant move in HEI’s earlier communicated assessment of strategic alternatives for Pacific Current.
The evaluation process for other Pacific Current assets is still underway.
HEI CEO Scott Seu said: “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 Hawaiʻi island and support the island’s transition to an increasingly renewable energy future.
“This sale is a further step toward simplifying HEI’s strategy and regulatory position as we focus on our core utility business.”
