Hawaii Electric Light Co. announced Wednesday it signed an agreement to purchase the 60-megawatt Hamakua Energy Partners generating plant.
Hawaii Electric Light Co. announced Wednesday it signed an agreement to purchase the 60-megawatt Hamakua Energy Partners generating plant.
The plant is currently owned by Boston-based private equity firm ArcLight Capital Partners LLC.
The $84.5 million purchase, which will require approval by the state Public Utilities Commission, is “expected to result in lower costs for customers and will support continued integration of renewable energy from variable sources such as solar and wind,” reads a press release issued Wednesday by HELCO.
ArcLight approached the utility about the potential purchase of the plant. The negotiated sale is estimated to save customers “a net $42 million after the purchase price over the remaining 15 years of the existing power purchase agreement,” the release states.