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Google Images: Honolulu International Airport
While reporters have been flocking to Hawaii to cover Obama's golf game, and the increase in sales of Obama souvenirs, Hoku Scientific (NASDAQ:HOKU) and United Fund Advisors (UFA) have established an investment company to finance the installation of seven new solar power systems at Hawaii's airports.
The deal works like this...
Hoku will assign its power purchase agreements to Hoku Solar Power I LLC. This entity will own and operate the systems. The new investment company will then sell the electricity to the Hawaii Department of Transportation (DOT).
UFA's investment is being financed by U.S. Bancorp Community Development Corporation.
Hoku already started installing the systems in early December, and all the installations are expected to be completed no later than March, 2009.
In early October, the DOT selected Hoku to design, engineer and install the systems at airports across the state.
The Aloha state also made news earlier this month after it was announced that Project Better Place was expecting to build a network of curbside charging stations for the eventuality of electric vehicle integration. Better Place is planning to introduce new vehicles to test the Hawaiian network in 2010.
Hawaii Governor Linda Lingle, a strong renewable energy advocate, has pushed to move the state toward a goal of generating 70 percent of Hawaii's power needs from clean energy resources.
Certainly, Hawaii's vast solar, wind, wave, and geothermal resources make this the perfect place to launch such an aggressive clean energy goal.
For more on investing in Hawaii's energy future, visit Green Chip Stocks.
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