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Hawaiʻi Gas acquired | Maui Now

Hawaiʻi Gas and its other smaller energy companies will be acquired by Argo Infrastructure Partners for a reported $514 million. Photo Courtesy: 6 pillars marketing

The state’s only franchised gas utility has been purchased by Argo Infrastructure Partners, LP. The purchase of Hawaiʻi Gas followed review and approval on June 29 from the Hawaiʻi Public Utilities Commission.

Hawaiʻi Gas president Alicia Moy said she was grateful to the commission and the many parties that contributed to the approval and rigorous review.

“This decision paves the way for Hawaiʻi Gas to accelerate its renewable energy plans and continue our pioneering work with renewable natural gas and hydrogen, both critical clean energy sources for our future,” Moy said.

The acquisition of Hawaiʻi Gas, the largest propane distribution business in the state, is expected to be seamless for customers and will not affect the company’s employees, wages or union relationship. The company headquarters location, local management team and Hawaiʻi-based members of its Board of Directors will not change. Assets of Hawaiʻi Gas, including the Waihonu Solar Farm, will also be acquired by Argo.

According to Bloomberg.com, the New York-based Argo operates as an investment management company. The company invests in leveraged buyouts, family successions, management buyouts, corporate spin offs, recapitalizations, and buy and build transactions.

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Argo said Hawaiʻi Gas will continue to focus on initiatives aimed at reducing greenhouse gas emissions.

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“Argo is pleased with the decision by the PUC and looks forward to having Hawaiʻi Gas join its portfolio of companies and supporting its efforts to improve sustainability and reduce its carbon footprint,” said Richard Klapow, managing director for the firm. “Argo fully supports the company’s clean energy plan and intends to provide access to capital to execute its clean energy transformation consistent with Hawaiʻi’s climate objectives, all while continuing to provide safe and reliable energy services to its customers.”

Scott Glenn, Hawaiʻi State Energy Office’s chief energy officer, said his office looks forward to working with Hawaiʻi Gas and its new owner, Argo Infrastructure Partners, to advance our state’s climate goals and pursue innovations to support a resilient, clean energy future.

Read More: Hawaiʻi Gas acquired | Maui Now

2022-07-23 20:14:00

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