Hawaiian Electric Industries Unit Sells Pacific Current Biomass Plant

Dow Jones

2025/03/11

By Sabela Ojea

Hawaiian Electric Industries said its subsidiary Pacific Current, whose $35.2 million impairment drove its third- and fourth-quarter losses, has sold its 60-megawatt energy plant in Hamakua, Hawaii.

The company didn't disclose financial details of the sale of Pacific Current's biomass plant to a subsidiary of Harbert Management, but said the transaction isn't expected to be material to its financial statements.

The sale of the plant is a key step in the company's continuing review of strategic options for Pacific Current, which builds local partnerships and invests in clean energy.

In November, Hawaiian Electric said it was conducting a comprehensive review of strategic options for Pacific Current.

The company then said that it didn't have a timetable for its review and that it was possible no action would be taken as a result of the evaluation.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

March 10, 2025 18:49 ET (22:49 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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