HONOLULU (July 21, 2022) — Hawaiʻi Gas announced that its ownership was transferred to an affiliate of Argo Infrastructure Partners LP (Argo), as a result of its acquisition of Macquarie Infrastructure Holdings LLC. The acquisition was completed after receipt of the approval in June from the Hawaiʻi Public Utilities Commission (PUC).
Argo is an independent infrastructure fund manager, with a long-term approach to infrastructure investing and an investment philosophy that seeks to combine sound investment return with responsible and sustainable investing. The acquisition of Hawaiʻi Gas is underpinned by strong environmental, social and governance mandates that require investments to meet a high standard of conduct and strive for sustainability in their operations. Under Argo’s ownership, Hawaiʻi Gas will continue to focus on initiatives aimed at reducing greenhouse gas emissions.
“Argo is pleased with the decision by the PUC and looks forward to having Hawaiʻi Gas join its portfolio of companies and supporting its efforts to improve sustainability and reduce its carbon footprint,” said Richard Klapow, managing director for the firm. “Argo fully supports the company's clean energy plan and intends to provide access to capital to execute its clean energy transformation consistent with Hawaiʻi’s climate objectives, all while continuing to provide safe and reliable energy services to its customers.”
“We thank the PUC and the many parties that contributed to the rigorous review and approval of this transaction,” said Alicia Moy, president and CEO of Hawaiʻi Gas, “This decision paves the way for Hawaiʻi Gas to accelerate its renewable energy plans and continue our pioneering work with renewable natural gas and hydrogen, both critical clean energy sources for our future.”
The acquisition of Hawaiʻi Gas is expected to be seamless for customers and will not affect the company’s employees, wages or union relationship. The company headquarters location, local management team and Hawaii-based members of its board of directors will not change. Assets of Hawaiʻi Gas, including the Waihonu Solar Farm, will also be acquired by Argo.
“We look forward to working with Hawaii Gas and its new owner, Argo Infrastructure Partners, to advance our state’s climate goals and pursue innovations to support a resilient, clean energy future,” said Scott Glenn, chief energy officer, Hawaii State Energy Office.
Macquarie Infrastructure Holdings LLC acquired Hawaiʻi Gas in 2006.