New renewable projects submitted to regulators will produce lower-cost electricity, advance clean energy

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HONOLULU, Sept. 16, 2020 /PRNewswire/ — Hawaiian Electric, a subsidiary of Hawaiian Electric Industries, Inc. (NYSE: HE), has submitted eight contracts for new grid-scale renewable energy and storage projects on O’ahu and Maui to the Public Utilities Commission (PUC) for review and approval.
The six projects on O’ahu and two on Maui are part of the largest renewable energy procurement ever for Hawai’i. If approved and completed, the combined projects are expected to lower electric bills on average by about $1 a month on O’ahu and Maui.
The O’ahu projects are expected to provide generation and storage needed to retire the state’s only coal plant, the 180-megawatt (MW) plant at Campbell Industrial Park owned by AES, by September 2022. On Maui, the successful completion of renewable energy projects will help enable the retirement of the 38 MW oil-fired Kahului plant in 2024.
These projects were part of the second phase of Hawaiian Electric’s renewable procurement effort that began in February 2018. Three of the original projects withdrew and contracts for three other projects are still being negotiated with Hawaiian Electric.
“As planned, these projects will significantly advance our state’s renewable energy transformation and benefit everyone by reducing our exposure to volatile oil prices,” said Jim Alberts, Hawaiian …

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