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Clean Energy Deals in Hawaii
Every tracked clean energy deal in Hawaii since 2023 — 5 transactions, 2.2 GW of capacity, $707M of disclosed value. Includes M&A, project finance, PPAs, and tax credit transfers. Updated weekly.
5
Tracked Deals
2.2 GW
Total Capacity
$707M
Disclosed Value
2017–2025
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Aug 4, 2022 | AES Hawaii portfolio — 5 solar+storage projects (224.5 MW… AES Corporation → Bank syndicate | 224 MW | $488M non-recourse |
| Nov 10, 2021 | Kapolei Energy Storage (KES) — 185 MW / 565 MWh standalon… Plus Power → Mizuho Securities USA (lead); KeyBank (lead); Silicon Valley Bank; CoBank | 185 MW | $219M (incl. $188M construction debt + $31M LCs) |
| Dec 17, 2018 | Lāwa'i Solar + Battery Storage — 28 MW PV + 20 MW/100 MWh… AES Distributed Energy → Kauai Island Utility Cooperative (KIUC) | 28 MW | 11¢/kWh long-term PPA |
| Jul 18, 2025 | BP US onshore wind portfolio — 1,700 MW gross / 1,300 MW … BP (BP Wind Energy North America) → LS Power (Clearlight Energy) | 1.7 GW | — |
| Jan 1, 2017 | EE Waianae Solar Project (Waianae Solar) — Solar project,… Investor-owned Utility | 27.6 MW | — |
Most Active Firms
Top Buyers / Financiers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | LS Power (Clearlight Energy) | 1 | — |
| 2 | Bank syndicate | 1 | $488M |
| 3 | Hawaiian Electric (HECO) | 1 | $488M |
| 4 | Mizuho Securities USA (lead); KeyBank (lead); Silicon Valley Bank; CoBank | 1 | $219M |
| 5 | Hawaiian Electric | 1 | $219M |
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | BP (BP Wind Energy North America) | 1 | — |
| 2 | AES Corporation | 1 | $488M |
| 3 | Plus Power | 1 | $219M |
| 4 | AES Distributed Energy | 1 | $11 |
Technology Mix
Deal Type Mix
- Project Finance2
- Project & Portfolio M&A1
- Power Purchase Agreement1
- Power Purchase & Offtake1
Activity by Year
Recent Deals
Latest 5- BP US onshore wind portfolio — 1,700 MW gross / 1,300 MW net across 10 wind p…Jul 18, 2025
Project & Portfolio M&A · CO, HI, ID, IN, KS, PA, SD · 1,700 MW
- AES Hawaii portfolio — 5 solar+storage projects (224.5 MW gen / 685 MWh stora…Aug 4, 2022
Project Finance · HI · $488M non-recourse · 224 MW
- Kapolei Energy Storage (KES) — 185 MW / 565 MWh standalone Li-ion battery sto…Nov 10, 2021
Project Finance · HI · $219M (incl. $188M construction debt + $31M LCs) · 185 MW
- Lāwa'i Solar + Battery Storage — 28 MW PV + 20 MW/100 MWh 5-hour BESS, Kauai HIDec 17, 2018
Power Purchase Agreement · HI · 11¢/kWh long-term PPA · 28 MW
- EE Waianae Solar Project (Waianae Solar) — Solar project, HI (HI), 27.6 MW, C…Jan 1, 2017
Power Purchase & Offtake · HI · 27.6 MW
Recent Moves at Active Firms
All moves →Ricardo Falú promoted to President at AES CorporationMar 2, 2026
Juan Ignacio Rubiolo promoted to EVP, Chief Operating Officer, and President of Energy Infrastructure SBU at AES CorporationMar 2, 2026
Related
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