Market Overview

SolarCity, Hawaiian Electric to Develop 15-Megawatt Solar Energy Project

SolarCity (NASDAQ: SCTY) today announced it has been selected by Hawaiian Electric Company to build a 15-megawatt photovoltaic system to provide clean energy to O'ahu residents. The 50-acre project will be constructed on undeveloped land at the Kahe Generating Station, subject to PUC approval. SolarCity, with local operations in Mililani, was selected through a competitive procurement process to construct the project, which will be owned and operated by Hawaiian Electric.

"We are committed to building a better energy future for Hawai'i. This is a unique opportunity to make a difference for all of our customers because it allows us to quickly develop more low-cost clean energy," said Ron Cox, Hawaiian Electric vice president of power supply.

Based on Hawaiian Electric's preliminary estimates and current fuel costs, the project, over its lifespan, would reduce the overall cost of generating electricity on O'ahu by $64 million while displacing approximately 1.8 million gallons of oil per year.

"Hawaiian Electric's project is living proof that solar power can protect Hawai'i's environment and strengthen its economy at the same time by providing clean energy less expensively than power generated from fossil fuels," said Jon Yoshimura, SolarCity's regional director in Hawai'i.

See full press release

Posted-In: Earnings News Guidance Dividends Offerings Management Global

 

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