HECO’s renewable energy subsidiary seeks project proposals

Honolulu, HI, June 6, 2003 — Renewable Hawaii, Inc., the renewable energy subsidiary of Hawaiian Electric Company (HECO), has issued a Renewable Energy Request for Project Proposals (RE RFPP) for the island of Oahu.

Renewable Hawaii is seeking opportunities for equity investment in commercially viable and cost effective projects to produce electricity for Hawaii from renewable resources, such as sun, wind, hydro, biomass, ocean or geothermal energy.

“Our objective is simple,” said Karl Stahlkopf, Renewable Hawaii President and HECO Senior Vice President of Energy Solutions and Chief Technology Officer. “We want to help the state of Hawaii increase the amount of electricity generated from renewable resources as quickly as possible.”

With initial approval to invest up to $10 million in renewable energy generation projects, Renewable Hawaii aims to partner with developers, taking a minority interest and thus contributing financing to help increase the overall number of renewable energy projects connected to the electrical grid.

The company’s RE RFPP will be issued in phases. RHI is immediately seeking projects on the island of Oahu, where the need for renewable energy development is greatest. A request for projects on Maui, Molokai and Lanai will be issued later this year, with a request for projects on the Big Island of Hawaii to follow later.

Projects supplying “firm” power (power which the utility can call upon on demand) on each island will generally receive higher priority than “as-available” energy sources. Another criteria will be to confirm that a project can be integrated into the island’s electric system without impacting service reliability.

To ensure projects support the key objective of attaining marked increases in the amount of renewable electricity generated in Hawaii, projects must have a capacity of at least one megawatt and a planned date of commercial operation no later than December 31, 2008.

Interested parties may obtain additional information by visiting the website www.renewablehawaii.com. All proposals must be received by August 22, 2003.

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