NextEra Energy-Hawaiian Electric Industries Merger ApprovedMarch 30, 2015, 3:45 PM HST · Updated March 30, 3:49 PM 0 Comments
NextEra Energy Inc. and Hawaiian Electric Industries Inc. (Hawaiian Electric Company Inc., Hawaii Electric Light Company Inc. and Maui Electric Company Limited) announced today that the Federal Energy Regulatory Commission has approved the companies’ proposed merger.
“Approval by the Federal Energy Regulatory Commission represents a significant step toward the completion of our merger,” said Jim Robo, chairman and chief executive officer of NextEra Energy. “Through our partnership, we will apply our combined expertise and resources to deliver significant savings and value to Hawaiian Electric customers. We will continue to work closely with our partners at Hawaiian Electric in pursuing the remaining necessary approvals to complete the merger and begin to deliver the more affordable clean energy future we all want for Hawaiʻi.”
“We are pleased with this substantial progress on our proposed merger,” said Connie Lau, HEI’s president and chief executive officer and chairman of the boards of American Savings and Hawaiian Electric. “Hawaiian Electric is gaining a partner that is the world’s largest generator of renewable energy from the wind and sun, with a commitment to supporting rooftop solar in Hawaiʻi and a proven track record of lowering electric bills. This approval provides further momentum toward ultimately delivering that substantial value to our customers and communities.”
The final transaction is subject to approval by the Hawaiʻi Public Utilities Commission, HEI shareholders, the spinoff of ASB Hawaiʻi and additional regulatory approvals and other customary conditions.
For more information, visit HEI’s website under the tab “Investor Relations” and then under the heading “SEC Filings.” Additional information about the proposed transaction is available at a joint website launched by the companies.