HEI Subsidiary Sells Solar and Battery Storage Assets to Fortistar and Epic Star

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 solar and battery storage assets to Fortistar and Epic Star Energy (Epic Star). The transaction is not expected to be material to HEI’s financial statements.

The sale includes all of Pacific Current’s operating solar and battery energy storage facilities on Kauai, Oahu and Maui. The transaction continues HEI’s execution of its Pacific Current divestment and follows the March 2025 sale of the subsidiary’s Hamakua Energy facility. The strategic review process for Pacific Current’s remaining asset, a biomass plant on Kauai, is ongoing.

“This transaction is another milestone on our path to a streamlined HEI enterprise focused on our core utility business,” said HEI CEO Scott Seu. “We believe Epic Star’s expertise in renewable energy will make it a good partner for Hawaii as our state continues on its path to a more clean, reliable and resilient energy future.”

The Epic Star leadership team’s experience in renewable energy includes development of a solar plus battery storage facility currently under construction on Oahu, among the island’s largest to date, as well as large solar PV and battery energy storage facilities in the continental U.S. Fortistar is a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges.

“The acquisition of these important operating solar and battery storage projects further demonstrates our commitment to clean energy in Hawaii,” said Henry Yun, CEO of Epic Star. “We are excited to be a part of the state’s energy future and provide reliable, renewable power to our new customers on Kauai, Oahu and Maui.”

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 95% of Hawaiʻi’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure resilience and public safety. For more information, visit www.hei.com.

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 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.