SolarCity Corp (SCTY) Signs 15-Megawatt Deal With Hawaiian Electric

Posted Oct 24, 2013

SolarCity Corp (NASDAQ:SCTY) has announced today that they were selected by the Hawaiian Electric Company to build a 15-megawatt photovoltaic system to offer clean energy to O’ahu residents.  The 50-acre project is going to be constructed on undeveloped land at the Kahe Generating Station following PUC approval.

SolarCity Corp (NASDAQ:SCTY) has local operations in Mililani.  They were selected following a competitive procurement process to build the project.  The photovoltaic system will be owned and operated by Hawaiian Electric.

“We are committed to building a better energy future for Hawai’i. This is a unique opportunity to make a difference for all of our customers because it allows us to quickly develop more low-cost clean energy,” stated Hawaiian Electric vice president of power supply Ron Cox.

Based on Hawaiian Electric’s estimates, the project would reduce the overall cost of generating electricity on O’ahu by around $64 million while displacing 1.8 million gallons of oil per year.

“Hawaiian Electric’s project is living proof that solar power can protect Hawai’i’s environment and strengthen its economy at the same time by providing clean energy less expensively than power generated from fossil fuels,” added SolarCity Corp (NASDAQ:SCTY) Hawai’i regional director Jon Yoshimura.

[Source: Benzinga]