Innergex Secures $100M for Hawaii Solar-Storage Project

• Innergex secures $100 million to power Hawaii's Hale Kuawehi solar park, energizing 14,600 homes with sustainable solar and battery storage by 2025. Clean energy is on the rise!

Innergex Renewable Energy Inc has secured $100 million in debt financing to complete its 30-MW solar park and battery storage project in Hawaii. The company acquired a non-recourse construction bridge loan from First Citizens Bank, which will be used to finalize the Hale Kuawehi project and pay off a corporate credit facility.

Located near Parker Ranch’s industrial park, the Hale Kuawehi solar park aims to supply electricity to 14,600 households in Hawaii. The photovoltaic farm is expected to be operational in Q1 2025 and will incorporate a 120 MWh battery storage system, under a 25-year agreement with Hawaii Electric Light Company.

What are the key features and benefits of Innergex's Hale Kuawehi solar park project?

Key Features and Benefits of Innergex's Hale Kuawehi Solar Park Project

• Project Size and Capacity: The Hale Kuawehi solar park will have a capacity of 30 megawatts (MW), providing significant renewable energy output to the region.
• Battery Storage Integration: The inclusion of a 120 megawatt-hour (MWh) battery storage system enhances energy reliability and sustainability, allowing the storage of excess energy generated during peak sunlight hours for use during lower production times.
• Household Impact: The project is expected to supply clean electricity to approximately 14,600 households, contributing to energy independence and reducing reliance on fossil fuels in Hawaii.
• Location Advantage: Situated near Parker Ranch’s industrial park, the location is strategic for minimizing transmission losses and optimizing energy delivery to the grid.
• Long-term Power Purchase Agreement: The solar park will operate under a 25-year agreement with Hawaii Electric Light Company (HELCO), ensuring a stable revenue stream and long-term commitment to renewable energy in the region.
• Environmental Benefits: By generating solar energy, the project directly contributes to Hawaii's sustainability goals, reducing greenhouse gas emissions and fostering a cleaner environment.
• Job Creation: The construction and operation of the solar park are expected to create numerous local jobs, enhancing the economic development of the surrounding community.
• Grid Stability Contribution: The battery storage component will help stabilize the local grid by providing backup power during peak demands or outages, thus increasing the overall reliability of the energy supply.
• Alignment with Renewable Source Goals: The project supports Hawaii's ambitious renewable energy targets, aimed at achieving 100% renewable energy by 2045, and contributes to the broader transition towards clean energy sources.
• Use of Non-Recourse Financing: The $100 million non-recourse construction bridge loan from First Citizens Bank showcases innovative financing strategies that minimize risk for the equity holders while enabling substantial investment in renewable energy infrastructure.
• Technological Advancements: The solar park will likely employ state-of-the-art photovoltaic technology, which may include advancements in efficiency and durability, ensuring optimal energy production throughout its operational life.
• Community Engagement: Innergex’s commitment to engaging with the local community and stakeholders during the project development signifies a holistic approach to renewable energy that considers social impacts.

These features and benefits underscore Innergex's Hale Kuawehi solar park as a significant advancement in Hawaii's renewable energy landscape, fostering environmental sustainability and economic growth.