A thumbs up from the state Public Utilities Commission is all that stands in the way of the proposed $4.3 billion sale of Hawaiian Electric Industries to Florida-based NextEra Energy.
A thumbs up from the state Public Utilities Commission is all that stands in the way of the proposed $4.3 billion sale of Hawaiian Electric Industries to Florida-based NextEra Energy.
HEI shareholders Wednesday approved the merger agreement with NextEra. With 76 percent of shares outstanding voting in favor, the company surpassed the 75 percent super majority required by Hawaii law.
Jeff Watanabe, HEI’s chairman of the board, said in a statement the company is pleased with the strong support.
“The approval marks another significant milestone in our efforts to accelerate Hawaii’s clean energy transformation by bringing the expertise and resources of NextEra Energy to our state to achieve even higher levels of renewables and lower energy costs for our customers,” he said.
During a special meeting last month, a majority of the company’s shareholders voted in favor, but the 75 percent margin was not secured. As a result, the voting deadline was extended one month.
Approximately 90 percent of those who voted were in favor of the merger, according to HEI.
The merger still must be approved by the PUC, as well as additional regulatory approvals and other customary conditions. The Federal Energy Regulatory Commission signed off on the sale in late March.
Wednesday’s shareholder vote came just two days after Gov. David Ige signed into law a bill that set the state’s renewable energy goal at 100 percent by 2045. HEI and NextEra Energy each pledged support for the goal.
HEI is the parent company of Hawaii Elecric Light Co., the utility that serves Hawaii County.
Email Chris D’Angelo at cdangelo@hawaiitribune-herald.com.