IC Sunshine, a division of Axio Power Holdings, has signed a 20-year power purchase agreement (PPA) with Hawaiian Electric wherein IC Sunshine will sell the utility electric power from the soon to be constructed 5MW solar farm in Campbell Industrial Park on Oahu. The PPA is awaiting final approval from the Hawaii Public Utilities Commission, but sports a 20-year contract price that is fixed with slight annual increases.
The Campbell Industrial solar power project is set to begin construction this year and be in service by 2012. The planned fixed-tilt PV facility is said to be the largest PV project to date in Hawaii and the first utility-scale solar project for the island of Oahu. Axio Power will oversee the development of the facility, which is to be built on 20-acres of land provided by the Tesoro Corporation.
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“This 5MW project represents a first step for Axio in Hawaii,” said Tim Derrick, CEO of Axio Power. “We are glad to add IC Sunshine to our portfolio of brownfield and industrially-sited renewable energy projects in the U.S. and Canada, and we hope to work with Hawaiian Electric to add additional renewable projects to this one.”