SB Energy Corp. and its subsidiary Pacific Green Ikehu LLC have withdrawn the Kamaole Solar Project that had been selected by Hawaiian Electric in the second-round procurement of renewable energy projects for Maui.
The company has explained that, “Unfortunately, the international business environment has become increasingly volatile, particularly due to COVID-19. There remains some fundamental uncertainty regarding various project risks, including the project cost and the availability and cost of financing as well as broader global economic uncertainty. For these and other commercial reasons our company has made a decision to withdraw from the negotiation and execution of the Power Purchase Agreement and from the Kamaole Solar Project.”
Selected by Hawaiian Electric Company’s competitive bidding process for Integrated Grid Planning (IGP), Softbank Energy’s photovoltaic solar array site was located on approximately 320 leased acres of Haleakala Ranch land in the Kama’ole Ahupuaá of Maui and designed to produce 40 MW of renewable energy along with 160 MWh Battery Energy Storage System (BESS).
Thank you to Jeanne Skog of Skog & Rasmussen, LLC, for communicating the update to Kihei Community Association.