Hawaiian Electric Industries Inc (HE) News & EventsHEHawaiian Electric Industries Inc

Enphase Energy IQ Meter Collar Approved by 80 Utilities

Enphase Energy (ENPH) announced that the Enphase IQ Meter Collar is now approved for behind-the-meter installation by 80 utilities that collectively serve more than 38M customers across the United States and Canada. The IQ Meter Collar is now approved by all three major investor-owned electric utilities in California and the Sacramento Municipal Utility District, SMUD, expanding access to whole-home backup across the state. Hawaiian Electric (HE) has also approved initial pilot installations, with full approval expected in the coming months. Additional utility approvals are expected soon.

Hawaiian Electric Sells 30% Stake in American Savings Bank for $29.5M

On September 16, Hawaiian Electric Industries (HE) monetized 30% of its 9.9% stake in American Savings Bank (ASBH) as part of ASB's initial public offering. The sale of approximately 2M shares resulted in $29.5M in proceeds to HEI, net of underwriting fees and issuance costs. The underwriters have a 30-day option to purchase up to an additional 293,904 shares of common stock from HEI, and fully exercising the option would result in an additional $4.4M in net proceeds to HEI. Based on ASB's closing share price of $17.57 as of September 18, HEI's remaining 6.4%1 stake in ASB is valued at approximately $73.5M. The sale of HEI's remaining shares in ASB is subject to a 180-day lockup period. HEI will consider plans to monetize its remaining shares following expiration of the lockup period, subject to market conditions and other relevant considerations. Proceeds to HEI from its sale of ASB shares in the initial public offering, together with potential future proceeds from the sale of HEI's remaining ASB shares, will reduce future capital raises required for the remaining Maui wildfire settlement payments.

Hawaiian Electric Submits Renewable Energy Plan

Hawaiian Electric, a subsidiary of Hawaiian Electric Industries, submitted its Integrated Grid Planning Request for Proposals, seeking plans for competitively priced renewable energy and storage for O'ahu, Hawai'i Island and Maui to meet customers' growing energy needs and modernize the generation fleet to drive down costs by reducing the use of oil for power generation. Collectively, these projects comprise one of Hawaiian Electric's largest-ever energy solicitations. When completed, these projects will make progress toward the state's goal of using 100% renewable energy for power generation by 2045. "Hawai'i needs to move faster and we think our expedited procurement plan is the best way to drive competition, evaluate all options and more rapidly build a portfolio that meets the requirements of efficiency, reliability and lower carbon emissions and does it at the least cost," said Scott Seu, CEO of Hawaiian Electric. "This is one of the actions we're taking that will benefit our customers and our state sooner, not on some faraway horizon."