On the Record · Hawaiian Electric Industries

Hawaiian Electric Industries acquisitions, on the record

The businesses Hawaiian Electric Industries bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.

Deals its annual reports describe

Business	Deal	When	Value
electric distribution systems serving 12 U.S. Army installations on Oahu Word for word“In November 2020, the PUC approved Hawaiian Electric’s acquisition of the electric distribution systems serving 12 U.S. Army installations on Oahu, including Schofield Barracks, Wheeler Army Airfield, Tripler Army Medical Center, Fort Shafter and Army housing areas.” 10-K for 2023	acquisition	November 2020	—
Hamakua Energy Partners, L.P.’s 60-MW combined cycle power plant and other assets Word for word“In 2017, Hamakua Energy acquired Hamakua Energy Partners, L.P.’s 60 -MW combined cycle power plant and other assets from affiliates of ArcLight Capital Partners, a private equity firm.” 10-K for 2023	acquisition	2017	—
7.5-MW renewable, firm dispatchable closed-loop biomass-to-energy facility on Kauai (Mahipapa) Word for word“In July 2022, Mahipapa acquired a 7.5 -MW renewable, firm dispatchable closed-loop biomass-to-energy facility on Kauai.” 10-K for 2023	acquisition	July 2022	—
ASB (90.1% of common stock) Word for word“On December 31, 2024, HEI completed the sale of 90.1% of the common stock of ASB, amounting to $405.5 million, to various investors including certain officers and directors of ASB, while retaining a 9.9% noncontrolling investment in ASB amounting to $44.6 million.” 10-K for 2024	agreed divestiture	—	$405.5 million
ASB Word for word“The sale transaction closed on December 31, 2024 and no investor acquired more than 9.9% of the common stock of ASB.” 10-K for 2024	divestiture	December 31, 2024	—
ASB (American Savings Bank), 90.1% of common stock Word for word“As a result of a comprehensive review of strategic options of ASB, on December 30, 2024, HEI, ASB, and ASB Hawaii, a wholly owned subsidiary of HEI and ASB’s parent holding company, entered into investment agreements to sell 90.1 % of the common stock of ASB to various investors, including certain ASB officers and directors of ASB while retaining a 9.9 % noncontrolling ownership position.” 10-K for 2025	divestiture	—	—
Hamakua Holdings, LLC (parent of Hamakua Energy, LLC) Word for word“On March 10, 2025, the sale of Hamakua Energy was closed and Hamakua Energy is no longer owned by Pacific Current.” 10-K for 2025	divestiture	March 10, 2025	—
Solar and BESS assets (Pacific Current, Solar and Storage Operating Company, LLC and its project companies) Word for word“Effective August 1, 2025, HEI closed on the sale of its solar and BESS assets to an unaffiliated third party for cash consideration (Solar Asset Disposition).” 10-K for 2025	divestiture	effective August 1, 2025	cash consideration
Mahipapa, LLC Word for word“Pacific Current is currently in the process of selling the membership interest in its remaining operating subsidiary, Mahipapa, LLC.” 10-K for 2025	agreed divestiture	—	—

As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year ended	Cash paid for acquisitions (net of cash acquired)
2016-12-31	$0
2017-12-31	$76.3 million
2018-12-31	$0
2019-12-31	$0
2020-12-31	$0
2021-12-31	$0
2022-12-31	$25.7 million
2023-12-31	$0
2024-12-31	$0

Deal filings since 2016

2026-07-31 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2025-09-18 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2025-09-08 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-12-31 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-12-31 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2024-11-05 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-09-24 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-08-19 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-05-23 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2022-05-10 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2022-02-07 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-11-04 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-05-18 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-06-11 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-02-14 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-01-07 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-01-25 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-07-03 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2016-12-19 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2016-05-19 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2016-03-23 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement

Read from Hawaiian Electric Industries’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.