HEI Subsidiary Sells Hawaiʻi Island Power Plant to Experienced Plant Operator
Hawaiian Electric Industries (NYSE: HE) has announced the sale of its subsidiary Pacific Current's 60-megawatt Hamakua Energy Plant on Hawaiʻi Island to a subsidiary of Harbert Management . The transaction, which is not expected to materially impact HEI's financial statements, represents a key step in HEI's strategic review of Pacific Current.
Harbert, which has owned a stake in the 208-megawatt Kalaeloa Partners LP cogeneration plant on O'ahu since 1997, brings significant experience in power plant operations. HEI CEO Scott Seu emphasized that this sale aligns with the company's strategy to simplify its operations and regulatory position while focusing on its core utility business.
HEI's primary subsidiary, Hawaiian Electric, currently supplies power to approximately 95% of Hawaiʻi's population and is working on decarbonizing its operations while modernizing the grid for enhanced resilience and safety.
Hawaiian Electric Industries (NYSE: HE) ha annunciato la vendita della sua controllata Pacific Current, che gestisce l'impianto energetico Hamakua da 60 megawatt sull'isola di Hawaiʻi, a una controllata di Harbert Management. La transazione, che non dovrebbe avere un impatto materiale sui bilanci di HEI, rappresenta un passo chiave nella revisione strategica di HEI su Pacific Current.
Harbert, che possiede una partecipazione nell'impianto di cogenerazione Kalaeloa Partners LP da 208 megawatt a O'ahu dal 1997, porta con sé un'esperienza significativa nella gestione degli impianti energetici. Il CEO di HEI, Scott Seu, ha sottolineato che questa vendita è in linea con la strategia dell'azienda di semplificare le proprie operazioni e la posizione normativa, concentrandosi sul proprio core business di servizi pubblici.
La principale controllata di HEI, Hawaiian Electric, attualmente fornisce energia a circa il 95% della popolazione delle Hawaiʻi e sta lavorando per decarbonizzare le proprie operazioni mentre modernizza la rete per una maggiore resilienza e sicurezza.
Hawaiian Electric Industries (NYSE: HE) ha anunciado la venta de su subsidiaria Pacific Current, que opera la planta de energía Hamakua de 60 megavatios en la isla de Hawaiʻi, a una subsidiaria de Harbert Management. La transacción, que no se espera que afecte materialmente los estados financieros de HEI, representa un paso clave en la revisión estratégica de HEI sobre Pacific Current.
Harbert, que posee una participación en la planta de cogeneración Kalaeloa Partners LP de 208 megavatios en O'ahu desde 1997, aporta una experiencia significativa en la operación de plantas de energía. El CEO de HEI, Scott Seu, enfatizó que esta venta se alinea con la estrategia de la empresa de simplificar sus operaciones y su posición regulatoria mientras se centra en su negocio principal de servicios públicos.
La principal subsidiaria de HEI, Hawaiian Electric, actualmente suministra energía a aproximadamente el 95% de la población de Hawaiʻi y está trabajando en la descarbonización de sus operaciones mientras moderniza la red para mejorar la resiliencia y la seguridad.
하와이안 전기 산업(Hawaiian Electric Industries, NYSE: HE)는 하와이 섬에 위치한 60메가와트 하마쿠아 에너지 플랜트를 하버트 매니지먼트(Harbert Management)의 자회사에 매각한다고 발표했습니다. 이 거래는 HEI의 재무제표에 실질적인 영향을 미치지 않을 것으로 예상되며, HEI의 태평양 현재(Pacific Current)에 대한 전략적 검토의 중요한 단계로 여겨집니다.
하버트는 1997년부터 오아후에 위치한 208메가와트 칼라엘로아 파트너스 LP 열병합 발전소의 지분을 보유하고 있으며, 발전소 운영에 대한 상당한 경험을 제공합니다. HEI의 CEO인 스콧 세우(Scott Seu)는 이번 매각이 회사의 운영 및 규제 입장을 간소화하고 핵심 공공 사업에 집중하는 전략과 일치한다고 강조했습니다.
HEI의 주요 자회사인 하와이안 전기는 현재 하와이 인구의 약 95%에 전력을 공급하고 있으며, 운영의 탈탄소화와 함께 더 나은 회복력과 안전성을 위해 전력망을 현대화하는 작업을 진행하고 있습니다.
Hawaiian Electric Industries (NYSE: HE) a annoncé la vente de sa filiale Pacific Current, qui gère la centrale énergétique de Hamakua de 60 mégawatts sur l'île d'Hawaiʻi, à une filiale de Harbert Management. La transaction, qui ne devrait pas avoir d'impact matériel sur les états financiers de HEI, représente une étape clé dans la révision stratégique de HEI concernant Pacific Current.
Harbert, qui détient une participation dans la centrale de cogénération Kalaeloa Partners LP de 208 mégawatts à O'ahu depuis 1997, apporte une expérience significative dans l'exploitation des centrales électriques. Le PDG de HEI, Scott Seu, a souligné que cette vente s'inscrit dans la stratégie de l'entreprise visant à simplifier ses opérations et sa position réglementaire tout en se concentrant sur son activité principale de services publics.
La principale filiale de HEI, Hawaiian Electric, fournit actuellement de l'électricité à environ 95 % de la population d'Hawaiʻi et travaille à la décarbonisation de ses opérations tout en modernisant le réseau pour une meilleure résilience et sécurité.
Hawaiian Electric Industries (NYSE: HE) hat den Verkauf ihrer Tochtergesellschaft Pacific Current, die das 60-Megawatt-Hamakua-Kraftwerk auf der Insel Hawaiʻi betreibt, an eine Tochtergesellschaft von Harbert Management bekannt gegeben. Die Transaktion, die voraussichtlich keine wesentlichen Auswirkungen auf die Finanzberichte von HEI haben wird, stellt einen wichtigen Schritt in der strategischen Überprüfung von HEI bezüglich Pacific Current dar.
Harbert, das seit 1997 Anteile an der 208-Megawatt-Kraft-Wärme-Kopplungsanlage Kalaeloa Partners LP auf O'ahu hält, bringt bedeutende Erfahrung im Betrieb von Kraftwerken mit. Der CEO von HEI, Scott Seu, betonte, dass dieser Verkauf mit der Strategie des Unternehmens übereinstimmt, seine Abläufe und die regulatorische Position zu vereinfachen, während es sich auf das Kerngeschäft der Versorgungsunternehmen konzentriert.
HEIs Haupttochtergesellschaft, Hawaiian Electric, versorgt derzeit etwa 95 % der Bevölkerung von Hawaiʻi mit Strom und arbeitet daran, ihre Abläufe zu dekarbonisieren und das Stromnetz für mehr Resilienz und Sicherheit zu modernisieren.
- Strategic streamlining of operations through asset divestment
- Sale to experienced operator with proven track record in Hawaii
- Allows greater focus on core utility business
- Transaction not expected to generate material financial impact
Insights
Hawaiian Electric Industries' sale of the Hamakua Energy Plant represents a strategic divestiture aligned with the company's previously announced review of Pacific Current assets. The transaction's explicitly stated non-material financial impact indicates this move is more about strategic positioning than immediate financial gain.
This transaction reflects a targeted streamlining effort, with HEI sharpening focus on its core utility business. By divesting this 60-megawatt power plant while maintaining a review process for other Pacific Current assets, HEI is executing a phased approach to simplifying its corporate structure and regulatory position.
The buyer, Harbert Management , brings valuable experience in power generation ownership—particularly in Hawaii where they've maintained an ownership stake in Kalaeloa Partners LP since 1997. This sector-specific expertise suggests the plant will continue operating efficiently under new ownership.
From a strategic perspective, this transaction reduces operational complexity without disrupting service or significantly altering HEI's financial profile. The non-material nature of the sale indicates minimal impact on near-term earnings or balance sheet metrics, positioning this as a structural optimization move rather than a financially driven transaction.
Sale of the plant is a key step in HEI’s previously announced review of strategic options for Pacific Current. The strategic review process for other Pacific Current assets is ongoing.
Harbert is a longstanding owner and operator of power generating facilities, including in Hawaiʻi, where it has had an ownership stake in the 208-megawatt Kalaeloa Partners LP cogeneration plant on O’ahu since 1997.
“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,” said HEI CEO Scott Seu. “This sale is a further step toward simplifying HEI’s strategy and regulatory position as we focus on our core utility business.”
“Harbert has enjoyed a long relationship with Hawaiian Electric and looks to build on that through this acquisition,” said Claude Estes, Senior Managing Director and Head of Harbert Infrastructure. “We are excited to be a part of the state’s energy future and to serve the residents of the Island of Hawaiʻi.”
About HEI
The HEI family of companies provides the energy services that empower much of the economic and community activity of Hawaiʻi. HEI’s electric utility, Hawaiian Electric, supplies power to approximately
Forward-Looking Statements
This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2024 and HEI’s other SEC periodic reports and filings that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, ASB and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Investor Contact
Mateo Garcia
Director, Investor Relations
ir@hei.com
(808) 543-7300
Media Contact
Julie Smolinski
VP, Strategy & Corporate Sustainability
media@hei.com
(808) 543-5874
Source: Hawaiian Electric Industries, Inc.
FAQ
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