Hoku Solar, a wholly owned subsidiary of Hoku Scientific Inc., has signed a definitive agreement with Bank of Hawaii to install a PV power system on Bank of Hawaii's historic Kohala (Kapa'au) branch, located on the Big Island of Hawaii. Hoku and Bank of Hawaii also announced the signing of a non-binding letter of intent for Hoku to explore additional turnkey PV installations for some of the Bank's other neighbor island facilities.
‘The cost of electricity makes up a significant portion of the cost to operate our branches, especially on the neighbor islands,’ said Mike Curtis, senior vice president of corporate facilities for Bank of Hawaii. ‘Installing PV can make financial sense, and is good for the environment. We are pleased to have found a strong Hawaii-based partner in Hoku.’
According to Kapolei, Hawaii-based Hoku Solar, the bank's PV system is expected to produce enough electricity over its lifetime to power the equivalent of fifty homes for one year. The start date has yet to be determined and the value of the project was not released.