Parker Ranch Foundation Trust (PRFT) has joined hands with NextEra Energy Resources to develop wind energy projects on the Big Island of Hawaii.
NextEra Energy is acquiring Hawaiian Electric Co. for $4.3 billion.
According to the deal, NextEra Energy will provide long-term access rights to PRFT lands to develop new renewable energy projects.
The venture aims to reduce the cost of electricity in Island by using available potential renewable energy resources, focused on pursuing sustainability goals.
In August 2014, Parker Ranch explored the possibilities to build a pumped-storage hydroelectric system of 200 megawatts production capacity on the island.
The first potential project to emerge from Parker Ranch’s plan, the venture proposed integration of clean energy in agriculture development.
A three-party consortium led by Siemens was supposed to develop this community-based renewable energy solution for Waimea and Kohala regions.
PRFT and Parker Ranch have recently completed comprehensive strategic planning efforts concluding to give strategic priority to renewable energy-related opportunities.