HONOLULU, HI--(Marketwire -03/22/12)- Hoku Solar, Inc., a wholly owned subsidiary of Hoku Corporation (Hoku) (NASDAQ: HOKU - News) that delivers investment-grade solar energy facilities for commercial, institutional and utility clients, today announced the signing of an agreement with a subsidiary of Alexander & Baldwin, Inc. (A&B), to design and build the 7.2 megawatt Port Allen Solar Farm for A&B on the island of Kaua'i, Hawaii.
Hoku Solar will partner with Helix Electric, Inc., one of the largest electrical contractors in the U.S., to construct the photovoltaic facility, which is expected to be placed in service in late 2012. A&B selected the Hoku-Helix project team via competitive bid. Power generated by the Port Allen Solar Farm will be sold by A&B to the island's electrical utility company, Kaua'i Island Utility Cooperative (KIUC) under a 20-year agreement recently approved by the Hawai'i Public Utilities Commission.
Scott Paul, Hoku Corporation's chief executive officer, shared his enthusiasm for this project: "Alexander & Baldwin's investment in solar energy marks another important milestone along Hawai'i's path toward clean energy, and Hoku Solar is proud to have been selected to design and build this solar farm. We have invested heavily in Hoku Solar's utility-scale PV capabilities over the last several years, and we look forward to bringing our local team and expertise to bear on this flagship project."
Chris Benjamin, president of the Alexander & Baldwin Land Group, commented: "The Port Allen Solar Farm is a very important project for A&B -- and for Kaua'i -- and we're pleased to be working with the experienced teams at Hoku Solar and Helix Electric to bring the facility to life."
In December 2011, Hoku Solar delivered the Kapolei Sustainable Energy Park, a 1.18 megawatt solar energy facility developed by Forest City Sustainable Resources. The project is the first -- and, currently, the largest -- utility-scale PV facility on O'ahu.
About Hoku Corporation
Hoku Corporation (NASDAQ: HOKU - News) is a solar energy products and services company with three business units: Hoku Materials, Hoku Solar, and Tianwei Solar USA, Inc. Hoku Materials manufactures, markets and sells polysilicon for the solar market from its plant in Pocatello, Idaho. Hoku Solar markets and installs turnkey photovoltaic systems and provides related services. Tianwei Solar USA markets and sells photovoltaic modules manufactured by Tianwei New Energy. Hoku Corporation is a majority owned subsidiary of Tianwei New Energy Holdings Co., Ltd. For more information, visit www.hokucorp.com.
Hoku, Hoku Solar, and the Hoku Corporation logo are trademarks of Hoku Corporation, and Hoku Materials is the trademark of Hoku Materials, Inc., all rights reserved. All other trademarks, trade names and service marks appearing in this press release are the property of their respective holders.
©Copyright 2011, Hoku Corporation, all rights reserved
Statements in this press release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with the respective companies' Annual Report on Form 10-K and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release.