Hawaiian Electric Industries and NextEra Energy have agreed to a $4.3 billion dollar deal.
Both sides Wednesday called it a merger but in the end, NextEra Energy will run HECO, HELCO on the Big Island, and Maui Electric. All will continue to be managed locally.
Executives from both HEI and NextEra say the deal will help expedite the process of lowering bills and increasing the saturation of solar in the state.
Jim Robo, the Chairman and CEO of NextEra Energy, which is based in Florida, says customers in that state enjoy bills that are 25% lower than the national average. The company is also know for providing clean energy alternatives.
"Our goal is to work on projects, that are good for customers that help lower emissions that accelerate the clean energy transformation here in Hawaii and that ultimately lead to lower customer bills," Robo said.
He also told members of the media that Hawaiian Electric employees don't have to worry for about three years. After that, he wouldn't say.
The deal still has to be approved by the public utilities commission and state consumer advocate. That approval process could take awhile possibly ten months.
American savings which was part of Hawaiian electric will spin off and be its own, publicly traded company.