The solar power facility signed a 25-year fixed price agreement to sell its electricity at roughly 8.9¢/kWh.
The financing includes $188 million in non-recourse construction debt and $31 million in letters of credit.
The solar array will contribute up to 35 MW to the grid and store up to 240 MWh for dispatch during evening peak demand.
The company blamed interconnection costs along with global supply chain and production issues, and tariff and trade disputes.
States don’t need to reinvent the wheel when evaluating smart inverter requirements, said a Sunrun policy director, noting that delays in setting requirements could lead to “wasted infrastructure.”
Storage paired with solar must support the net nameplate capacity for at least four hours and support 365 full charge/discharge cycles each year.
Maui’s electric power grid is expected to operate with 100% solar and wind on an instantaneous basis as early as 2024, and NREL is helping the island plan to reliably supply electricity.
An upfront cash payment is available for residential and commercial customers on Oahu who attach a battery to their home and either use or discharge power during peak hours.
Both Hawaiian Electric and its regulators expressed frustration over a decision approving an energy storage system that will be critical to retiring a coal-fired power plant by September 2022.
A Senate committee added language that would cut the renewable energy credit as part of an unrelated film tax credit bill.
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