HONOLULU – Hawaiian Electric Industries, Inc. (HEI) announced today the successful divestment of solar and battery energy storage assets held by its subsidiary, Pacific Current, LLC. The assets, located across Kauai, Oahu, and Maui, have been acquired by a joint effort between Fortistar, a privately-owned investment firm focused on sustainability, and Epic Star Energy, a developer with significant experience in large-scale renewable projects. This transaction, while not expected to materially impact HEI’s financial statements, marks a pivotal step in the utility holding company’s strategic reorientation towards its core electric utility operations.

The sale encompasses all of Pacific Current’s operational solar photovoltaic and integrated battery energy storage facilities. This move follows the earlier March 2025 sale of Pacific Current’s Hamakua Energy facility and is part of HEI’s broader initiative to divest non-core assets. The strategic review process for Pacific Current’s remaining asset, a biomass plant on Kauai, remains ongoing, signaling a comprehensive restructuring of the subsidiary’s portfolio.

Scott Seu, CEO of HEI, emphasized the strategic importance of the transaction, stating, “This transaction is another milestone on our path to a streamlined HEI enterprise focused on our core utility business.” Seu further highlighted Epic Star’s suitability as a partner for Hawaii’s energy future, noting, “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.” This sentiment underscores HEI’s commitment to supporting the state’s ambitious renewable energy targets while optimizing its operational focus.

Epic Star Energy brings a robust track record in renewable energy development, including a significant solar-plus-battery storage facility currently under construction on Oahu, poised to be one of the island’s largest. Their portfolio also includes substantial solar PV and battery energy storage projects across the continental United States. Henry Yun, CEO of Epic Star, affirmed the company’s dedication to the Hawaiian market: “The acquisition of these important operating solar and battery storage projects further demonstrates our commitment to clean energy in Hawaii. 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.” Fortistar’s role as a capital provider for sustainability-focused ventures complements Epic Star’s development capabilities, forming a strong partnership for these critical assets.

This divestment by HEI is set against the backdrop of Hawaii’s aggressive clean energy mandates, aiming for 100% renewable energy by 2045. Hawaiian Electric, HEI’s primary utility, serves approximately 95% of Hawaii’s population and is actively engaged in decarbonizing its operations and modernizing the grid for enhanced resilience and public safety. The transfer of these assets to specialized renewable energy operators like Epic Star and Fortistar is anticipated to ensure continued efficient operation and potential expansion, contributing directly to the state’s energy transition goals. The transaction exemplifies a broader industry trend where utilities streamline their portfolios, allowing specialized developers and investors to manage and optimize distributed renewable generation assets.