REPORT FROM HOKU STAR – Hoku Solar, a wholly-owned subsidiary of Hoku Corporation and one of Hawaii’s most experienced solar companies, addressed the announcement of potential restructuring made by its parent company today, noting that it intended to continue normal business operations as a provider of investment-grade PV™ solutions to the Hawaii market.
“These are uncommonly difficult times in solar manufacturing,” said Jerrod Schreck, president of Hoku Solar. “However, opportunities continue to exist for experienced project developers and system integrators like Hoku Solar, and we plan to continue providing these services to our commercial, institutional and utility customers in Hawaii.”
Hoku Solar had reported a 500 percent increase in revenues for the quarter ending on December 31, 2011, as compared to the same quarter in the previous year. In aggregate during its last fiscal year, the Company experienced year-over-year growth in excess of 200 percent.
“Hoku Solar is a stand-alone business unit that operates on its own sales revenue,” said Scott Paul, CEO of Hoku Corporation. “As such, Hoku Solar is not planned for inclusion in the potential Hoku Corporation and Hoku Materials restructuring announced earlier today.”
Hoku Solar’s current portfolio includes a number of utility-scale PV projects, including the design and construction of one of Hawaii’s largest solar energy facilities to date – a seven-megawatt solar farm on the island of Kauai. The Company is also currently constructing a 1.2 megawatt solar array at Pearl City Peninsula on Oahu, in addition to other commercial and industrial rooftop PV systems throughout the islands. The Pearl City Peninsula project is expected to be Oahu’s second operational utility-scale solar facility, following Hoku Solar’s delivery of the island’s first grid-tied solar farm at the Kapolei Sustainable Energy Park last December.
Utility-scale PV projects combine elements of real estate development, structured finance, high-tech construction, and renewable energy asset management. Together with its project partners, Hoku Solar is one of the few firms in Hawaii that has succeeded in placing large projects like this into service.
“Hoku Solar has had the privilege of designing and constructing some of the largest and most complex solar energy facilities in Hawaii,” said Schreck. “We remain sharply focused on delivering investment-grade commercial and utility-scale solar energy facilities, and we are grateful to our valued customers, vendors and partners for their strong, continuing support and aloha.”