Waianae Solar Project Construction Financing

Waianae Solar ready to begin construction

Honolulu, February 29, 2016: Eurus Energy America is pleased to announce that construction financing is complete and construction will begin on the 27.6-MW Waianae Solar photovoltaic (PV) facility. Waianae Solar is planned to achieve commercial operation by the end of 2016 supplying energy to the Hawaiian Electric grid. On completion, Waianae Solar will be one of the largest PV projects in the Hawaiian Islands, advancing the State’s progress toward the target of 100% renewable power generation by 2045.

Eurus and Hawaiian Electric agreed on a power purchase agreement (PPA) following a 2013 solicitation for renewable power for O ‘ahu and the contract was approved by the Hawai‘i Public Utilities Commission in July 2015. For Waianae Solar, debt financing is being provided by Sumitomo Mitsui Banking Corporation. Project design and construction is being led by REC Solar, one of the largest solar contractors in Hawaii, and solar panels are being provided by a leading manufacturer, Canadian Solar Inc. 

Jointly owned by Toyota Tsusho Corporation and Tokyo Electric Power Company, Eurus has a 30-year history as developer, owner, and operator of over 2,600 megawatts of renewable projects throughout the world. After construction is complete, Eurus will continue as owner and operator of the project.

“We are proud to contribute to the energy supply in Hawaii with its 100 percent renewable mandate, the most aggressive in the United States.  With strong support for clean energy at all levels of government, Hawaii is clearly a national renewable energy leader,” said Satoshi Takahata, President and CEO of Eurus Energy America.  “Additionally, critical to the success in bringing this project to the construction phase has been the ability to work closely with Hawaiian Electric at all levels, from the transmission and implementation teams to management and legal teams in the execution of the PPA.”

Waianae Solar is located on 198 acres of low-value agricultural land, now fallow, mauka of Kamaile Academy and the Uluwehi community. Putting this land back into productive use as a clean energy facility will help address a number of community issues including bringing investment and jobs to the area.