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)
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