After four years of planning, developer Eurus Energy America has pulled out of a 46.8-megawatt wind project in Hawaii, citing risk concerns.
“After dedicating four years to develop the Palehua Wind project in West Oahu, Eurus Energy America has decided to withdraw its bid,” said Eurus in a statement. “After much consideration, the risk factors associated with developing wind projects in Hawaii were deemed too great for us to proceed.”
The Palehua Wind project has the potential to power 25,000 homes in Oahu, according to Eurus. Palehua Wind was scheduled to sell power to Hawaiian Electric at a rate of 14.5 cents per kilowatt hour, 63 percent cheaper than the current average rate and one of the lowest-cost renewable projects in the state.
Hawaii is currently the most fossil-fuel-dependent state in the nation, according to REC Solar. The state relies on imported sources of energy, paying $5 billion a year to import
