HEI Subsidiary Sells Hawaiʻi Island Power Plant to Experienced Plant Operator

News Release from Hawaiian Electric Industries, 03/10/2025

HONOLULU--(BUSINESS WIRE)-- Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE), the parent company of Pacific Current, LLC (Pacific Current), today announced the closing of the sale of Pacific Current’s 60-megawatt Hamakua Energy Plant on Hawaiʻi Island to a subsidiary of Harbert Management Corporation (Harbert). The transaction is not expected to be material to HEI’s financial statements.

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.”

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