Fortistar and Epic Star Energy announced the completion of the acquisition of a portfolio of renewable assets previously held by Pacific Current, a subsidiary of Hawaiian Electric Industries (HEI). This transaction covers a utility-scale solar power plant located in Kauai, as well as several other operational renewable energy facilities.
A long-term management transfer for Epic Star Energy
According to the information released, Epic Star Energy will now assume management of this portfolio through long-term contracts. The company plans to ensure uninterrupted service continuity, delivering sustainable renewable electricity generation to the archipelago for years to come. Epic Star Energy, a Fortistar portfolio company, focuses its investments on the development and operation of battery energy storage systems combined with solar projects and other sustainable resources where applicable.
Epic Star Energy relies on a team that has already led the development of one of the largest solar and storage projects on the island of Oahu, currently under construction. Fortistar, for its part, has more than thirty years of experience in managing and operating energy assets.
Meeting Hawaii’s increased demand for renewable energy
The acquired portfolio forms a strategic platform for the development of new sustainable energy projects. This transfer of assets comes in a context of strong demand for renewable generation in Hawaii, driven by state objectives to enhance grid reliability while reducing dependence on imported fossil fuels.
In a statement, Scott DeGhetto, Executive Vice President and Chief Financial Officer of Hawaiian Electric Industries, said that this sale would ensure the continued provision of renewable electricity for local communities. Henry Yun, Chief Executive Officer of Epic Star Energy, noted that this diversified portfolio of long-term contracted commercial and industrial projects forms a solid foundation for sustainable energy investment in the region.
Development prospects and local partnerships
Epic Star Energy has indicated its intention to leverage all these assets and its regional partnerships to support the growth of its operations and the integration of new renewable capacities. The company thus aims to meet the growing needs of consumers while maintaining strong cooperation with local stakeholders. The management of this portfolio is expected to facilitate the emergence of complementary projects, tailored to the specific needs of the Hawaiian market.
The selection of Epic Star Energy as manager is explained in particular by its local experience and its expertise in deploying solutions combining generation and energy storage. The transaction illustrates the current dynamic of consolidation and investment in Hawaii’s renewable energy sector.
