Blue Earth has acquired the rights to build a $2 million, ground mounted, 497 kilowatt solar PV project in Hawaii. The company has created a Special Purpose Entity, Waianae PV-2, for the project. The subsidiary will engineer, construct, own, operate and maintain the solar PV plant. Blue Earth has a power purchase agreement with Hawaiian Electric Company (HECO).

Hawaii has passed legislation, a Renewable Portfolio Standard, requiring 40 percent of the state’s energy be supplied by renewable energy by 2030. HECO has a Feed-in-Tariff (FIT) program designed to encourage more renewable energy projects throughout the state and will be “purchasing” renewable energy credits when the solar PV project goes online.

“This project is just one of several planned projects in Hawaii for us,” said D. Jason Davis, CEO of Xnergy, Inc. who merged with Blue Earth. “It represents our expansion into other markets and shows the kind of success we will enjoy by implementing our expansion plans into a key renewable energy market.”

The Waianae PV-2 ground mounted solar power system construction is expected to begin in the third quarter of 2012 and to be completed in the first quarter of 2013.