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Hawaiian Electric secures a $250M loan from several banks

Hawaiian Electric Industries Inc. has secured a multimillion-dollar credit line.

Hawaiian Electric Company’s parent company made the agreement with several banks, according to a U.S. Securities and Exchange Commission filing.

If the state Public Utilities Commission approves the agreement, HECO will be able to borrow $250 million secured by revenue from its customers. HECO said it expects a PUC decision by June 24.

In recent months, the utility said it was working on a credit line to help support its financial ability to deal with litigation following the Aug. 8 Maui wildfires, as well as wildfire risk mitigation on other islands.

Nearly 400 lawsuits have been filed against HECO, alleging a blown-down power line caused a fire that destroyed most of Lahaina and killed 101 people.

Hawaiian Electric has vowed to contest litigation blaming the company.

An official cause of the fire has yet to be determined. The U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives investigation is ongoing.

Anna Harden

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