KAHULUI, May 7, 2018 – In partnership with Maui Electric Company and Kenyon Energy, Maui’s first large-scale photovoltaic (PV) solar project came online on Saturday, May 5 on land owned and managed by Haleakala Ranch Company in South Maui. Maui Electric is buying the power from the independently owned and operated South Maui Renewable Resources project by Kenyon Energy.
The 11.3-acre project, located in Haleakala Ranch pastures mauka of Piilani Highway near the Maui Research & Technology Park in Kihei, can offer up to 2.87 megawatts (MW) of solar power to Maui Electric’s grid at 11.06 cents per kilowatt hour. Maui Electric does not mark up or take a profit from this purchased power, passing the savings directly to Maui customers.
“We are excited to add more renewable energy resources to power our island’s homes, schools, and businesses through our new partnership with Kenyon Energy and our continued partnership with Haleakala Ranch Company,” said Sharon Suzuki, president of Maui Electric. “Such partnerships are a key component in our efforts to reach 100 percent renewable energy for our islands. By working together on this ambitious goal, we’re securing long-term affordable clean energy for all of our customers, reducing the island’s use of imported fossil fuel, and maintaining safe and reliable electrical service our growing communities depend on.”
Financing for Kenyon Energy’s South Maui project was provided by Key Equipment Finance through its Energy Solutions team.
“Kenyon Energy is very pleased to partner with Maui Electric on this groundbreaking solar energy project,” said Clay Biddinger, chairman and chief executive officer of Kenyon Energy. “This project is creating tangible economic and environmental benefits for Maui’s citizens and local businesses. We are working hard to continue to develop and operate renewable energy projects similar to this throughout Hawaii, including the acquisition of renewable energy projects from other solar partners.”
Maui Electric will also be purchasing power from another Kenyon Energy project, Kuia Solar in West Maui, when the 2.87-MW project comes online later in May.
Kenyon Energy is a leading developer, owner and operator of solar energy projects in the United States. Kenyon Energy takes great pride in providing excellent customer service, while developing cost-effective, turnkey, and creative solar energy solutions for a diverse set of customers, including utilities, municipalities, schools and universities, federal and state government facilities, small and large industrial facilities, and Fortune 500 companies.
Kenyon’s parent/owner is Sun Financial, a long-term owner and operator of solar power facilities acquiring both new and existing facilities typically under Power Purchase Agreements. Ongoing maintenance and operations of the facility will be managed by Bay4 Energy, offering a comprehensive suite of energy and asset performance management services.
Key Equipment Finance is one of the nation’s largest bank-held equipment finance companies and an affiliate of KeyCorp (NYSE: KEY). The company provides tailored equipment lease and finance solutions for commercial clients and government entities.