Public Utilities Commission Approves Hoku Solar-Hawaiian Electric Contract for Photovoltaic Project
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The Hawaii Public Utilities Commission has approved a contract for Hawaiian Electric Company to purchase power from a photovoltaic (PV) power system that Hoku Solar, Inc., will install on the roof of Archer Substation at Hawaiian Electric's Ward Avenue facility. The 218-kilowatt PV system is expected to be in service by the end of 2008.
Hoku Solar, a subsidiary of Hoku Scientific, Inc. (NASDAQ: HOKU), is a Hawaii-based company that designs, engineers, and installs turnkey PV power systems. To take advantage of available tax credits and financing, Hoku or its affiliate will own and operate the PV system and charge Hawaiian Electric for power at a fixed rate over 20 years.
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