Target Information

Epic Star Energy, a subsidiary of FORTISTAR, has successfully acquired a renewable energy portfolio from Pacific Current, which is part of Hawaiian Electric Industries (HEI). The portfolio includes a utility-scale solar project located in Kauai, along with several other operational renewable energy initiatives. This acquisition was finalized on August 4, 2025, and is poised to deliver sustainable power to Hawaii for many years to come, with Epic Star managing the portfolio under long-term contracts.

Epic Star Energy's management team possesses extensive experience in renewable energy development within Hawaii, having previously undertaken one of Oahu's largest solar and battery storage projects that is currently underway. The company specializes in investing in and developing energy storage solutions alongside solar and other sustainable energy resources.

Industry Overview in Hawaii

The renewable energy sector in Hawaii has witnessed significant growth over the past decade, fueled by the state government’s commitments to reducing greenhouse gas emissions and transitioning to sustainable energy solutions. Hawaii has set ambitious targets to achieve 100% renewable energy by 2045, which has accelerated investments in solar, wind, and energy storage technologies.

Hawaii's geographic location and abundant sunlight present unique opportunities for solar energy generation, making it a prime market for renewable energy firms. The increasing demand for electricity, coupled with a desire to diminish reliance on imported fossil fuels, has led to a wave of innovative energy projects across the islands.

Furthermore, in line with national trends, Hawaii is also prioritizing the development of microgrids and battery storage solutions. The state seeks not only to diversify its energy sources but also to boost resilience against natural disasters while ensuring affordable electricity for its residents.

Overall, the renewable energy landscape in Hawaii remains vibrant and full of potential, with numerous stakeholders investing in the transition towards a more sustainable future.

Rationale Behind the Deal

The acquisition of the renewable energy portfolio is strategically aligned with Epic Star's business model, which emphasizes the development and management of sustainable energy projects. By securing this diversified portfolio, Epic Star aims to strengthen its presence in the Hawaiian market and meet the growing demand for renewable energy.

This deal supports Hawaii's statewide ambitions for a reliable and resilient energy supply while facilitating the transition from dependence on oil and fossil fuels. Epic Star's management intends to complement the existing portfolio with additional projects, further enhancing the state’s renewable energy capabilities.

Information About the Investor

FORTISTAR has a robust history spanning over 30 years in developing, owning, and operating energy assets across various sectors. With a focus on sustainable energy, the firm has established a strong reputation for its investments in renewable resources. Epic Star Energy, now a part of FORTISTAR, harnesses this expertise to drive innovative energy solutions, contributing to Hawaii's clean energy landscape.

The leadership team at Epic Star Energy, led by CEO Henry Yun, is deeply committed to fostering relationships within the community to ensure that their energy solutions align with local needs and goals. This commitment to community and sustainability positions them as a key player in the renewable energy arena in Hawaii.

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This acquisition by Epic Star presents a solid investment opportunity given the ongoing demand for renewable energy in Hawaii, underscored by the state's policies aimed at achieving 100% sustainable energy by 2045. With the diverse portfolio of solar and utility-scale projects, Epic Star is well-positioned to yield favorable returns while contributing positively to Hawaii's energy transition.

Moreover, the management team’s proven track record in developing large-scale renewable projects in Hawaii enhances confidence in their ability to successfully execute and expand these initiatives. The existing long-term contracts associated with the acquired portfolio provide predictable cash flow, further solidifying the investment's appeal.

Furthermore, the alignment of Epic Star's initiatives with Hawaii’s clean energy goals creates a synergistic effect, potentially increasing the value of the company as demand for renewable solutions continues to rise. Thus, this deal is not only strategic for Epic Star but also beneficial for the broader community and environment.

In conclusion, the acquisition aligns with market trends and the increasing emphasis on sustainability, making it a prospective advantageous investment for Epic Star and its stakeholders.

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