Yesterday, The AES Corporation's (NYSE:AES) AES Hawaii initiated operations at the Kuihelani Solar-plus-Storage facility on Maui, the largest solar project in Hawaii.
Situated on 450 acres in central Maui, between Kuihelani Highway and Maui Veterans Highway, the Kuihelani Solar-plus-Storage project generates 60 MW of renewable energy.
Leveraging the site's dual-use potential, AES Hawaii is collaborating with Hooulu Aina Farms in nearby Waikapu, supporting Maui's agricultural and food production.
Notably, AES Hawaii had earlier secured a 25-year power purchase agreement with Hawaiian Electric Industries, Inc. (NYSE:HE), effective May 31, 2024, supplying renewable energy to Maui's power grid at 8 cents per kilowatt-hour.
Furthermore, the project helps eliminate the requirement to import two million barrels of oil for Maui's electricity production.
AES Hawaii President Sandra Larsen said, "Kuihelani Solar-plus-Storage exemplifies what is possible for powering our future when you combine an exceptional renewable energy project with community-minded partners to provide an essential service for living and working in Hawaii."
"We broke ground in July 2022, overcame challenges posed by supply chain logistics, and are now producing much-needed clean energy for Maui's power grid."
Colton Ching, Hawaiian Electric Senior Vice President, Planning & Technology, commented, "With this project, our state takes another significant step towards achieving our renewable energy goals. Adding both renewable power and energy storage will help reduce our use of fossil fuels, protect us from the effects of climate change, ensure reliable service and provide energy security for Maui."
Last month, AES disclosed the sale of a 47.3% equity stake in AES Brasil to Auren Energia for around $640 million in proceeds.
Investors can gain exposure to AES stock via Listed Funds Trust TrueShares Eagle Global Renewable Energy Income ETF (NYSE:RNWZ) and Return Stacked Bonds & Managed Futures ETF Veridien Climate Action ETF (NYSE:CLIA).
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Price Action: AES shares are down 2.36% at $19.90 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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