Hawaii PUC blocks NextEra's USD-4.3bn M&A deal

NextEra Energy (NYSE:NEE) has failed to obtain the needed clearance by the Hawaii Public Utilities Commission to acquire Hawaiian Electric Industries (NYSE:HE) in a deal valued at USD 4.3 billion (EUR 3.89bn).

The transaction was opposed by a broad coalition of environmental, consumer and business parties, including Earthjustice, Hawaii Solar Energy Association, Hawaii PV Coalition, Sierra Club of Hawaii, and the Alliance for Solar Choice. The reason for their opposition is the fact that NextEra showed unwillingness to transition to a clean energy utility and that its business model is incompatible with Hawaii’s goal of becoming 100% renewable by 2045.

Virtually every party in the PUC proceeding opposed NextEra's proposal, The Alliance for Solar Choice said in a statement.

As part of the deal that was announced in early December 2014, NextEra was to take over Hawaiian Electric Co Inc, Hawaii Electric Light Co Inc and Maui Electric Co Ltd.

Earlier, Pacific Business News (PBN) reported that a subsidiary of American business magnate Warren Buffett’s Berkshire Hathaway Energy Company may be keen on acquiring Honolulu-based utility Hawaiian Electric Co.

(USD 1.0 = EUR 0.906)

Choose your newsletter by Renewables Now. Join for free!