January 27, 2003—Hawaiian Electric Company (HECO) has formed a new subsidiary, Renewable Hawai’i Inc., that will invest in renewable energy projects for Hawaii.
HECO already sponsors the largest solar water-heating program in the nation and buys power from renewable sources such as hydrogen, geothermal, and wind. The subsidiary will be initially capitalized at a level of $10 million, with more funding to follow as projects that merit support are presented to the company.
The state’s governor, Linda Lingle, has set forth a goal of 20 percent renewable energy use by 2020. HECO and its neighbor island subsidiaries, Hawai`i Electric Light Company and Maui Electric Company, last year obtained about 7 percent of electric sales from renewable sources, compared with a national average of about 2 percent.
