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

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

鈥淭his transaction is another milestone on our path to a streamlined HEI enterprise focused on our core utility business,鈥� said HEI CEO Scott Seu. 鈥淲e believe Epic Star鈥檚 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.鈥�

The Epic Star leadership team鈥檚 experience in renewable energy includes development of a solar plus battery storage facility currently under construction on Oahu, among the island鈥檚 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.

鈥淭he acquisition of these important operating solar and battery storage projects further demonstrates our commitment to clean energy in Hawaii,鈥� said Henry Yun, CEO of Epic Star. 鈥淲e are excited to be a part of the state鈥檚 energy future and provide reliable, renewable power to our new customers on Kauai, Oahu and Maui.鈥�

About HEI

The HEI family of companies provides the energy services that empower much of the economic and community activity of Hawai驶i. HEI鈥檚 electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawai驶i鈥檚 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 .

Forward-Looking Statements

This release may contain 鈥渇orward-looking statements,鈥� which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as 鈥渨ill,鈥� 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渂elieves,鈥� 鈥減redicts,鈥� 鈥渆stimates鈥� 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 鈥淐autionary Note Regarding Forward-Looking Statements鈥� and 鈥淩isk Factors鈥� discussions (which are incorporated by reference herein) set forth in HEI鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024 and HEI鈥檚 other SEC periodic reports and filings that discuss important factors that could cause HEI鈥檚 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.

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Investor Contact

Mateo Garcia

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(808) 543-7300

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Source: Hawaiian Electric Industries, Inc.