Key Equipment Finance Provides Financing for Solar Project In Maui

Key Equipment Finance’s Energy Solutions team provided financing for Kenyon Energy’s South Maui, HI project. The project was completed in partnership with Maui Electric and made for Maui’s first large-scale photovoltaic (PV) solar project. The project went 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 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% renewable energy for our islands. By working together on this ambitious goal, we’re securing long-term affordable clean energy 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.”

“Kenyon Energy is very pleased to partner with Maui Electric on this groundbreaking solar energy project,” said Clay Biddinger, chairman and CEO of Kenyon Energy. “This project is creating tangible economic and environmental benefits for Maui’s citizens and local businesses. We are working hard to continue to develop and operate renewable energy projects similar to this throughout Hawai‘i, including the acquisition of renewable energy projects from other solar partners.”

Maui Electric will also be purchasing power from another Kenyon Energy project, Ku‘ia Solar in West Maui, when the 2.87-MW project comes online later in May.

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