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Key EF Provides Financing for Large-Scale Solar Project in Maui

May 09, 2018, 07:10 AM
Filed Under: Energy

Key Equipment Finance provided financing through its Energy Solutions team for Maui's first large-scale solar project.

In partnership with Maui Electric Company and Kenyon Energy, Maui’s first large-scale photovoltaic (PV) solar project came online on 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 Pi‘ilani 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 cleanenergy 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.”

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