HI HB1942

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not exceeding $50,000,000 to assist Princeton Energy Group or its related entity Ikehu Molokai LLC with a renewable energy project with energy storage technology on Molokai.

Bonds may finance planning, design, construction, equipping, land leases, and other tangible assets for the renewable energy project near Kaunakakai.

Bonds may also be used for refinancing costs related to the renewable energy project.

Authorization to issue bonds lapses on June 30, 2019, though the Department may issue refunding bonds after that date to refinance existing bonds issued under this Act.

Expected benefits include reducing Molokai's carbon footprint, lowering electricity costs, stabilizing the electrical grid, creating construction jobs, and helping the state meet renewable energy mandates.