Investors Fund US $10.75 M for Honolulu Seawater Air Conditioning

[jpak]

http://www.renewableenergyworld.com/rea/news/story?id=53000

Private investors have completed the US $10.75 million equity financing for Honolulu Seawater Air Conditioning, the innovative renewable energy project for downtown Honolulu. The company anticipates a construction start date of January 5, 2009.

"We are excited to have the private equity in place, enabling us to proceed with the Environmental Impact Statement (EIS), detail engineering plans and project development," announced William (Bill) Mahlum, President and CEO of Honolulu Seawater Air Conditioning, LLC (HSWAC). "This will be a very busy year as we prepare for construction and complete our marketing efforts."

The equity financing for the US $152 million project has been provided by private investors in the U.S. and Sweden, with more than half of the cash coming from Honolulu investors.

"The significant commitment from local investors demonstrates their excitement and confidence in this new community asset," said Mahlum. "Seawater air conditioning will protect businesses from the skyrocketing electric rates caused by oil price increases and everybody will benefit from a cleaner environment," he said. Mahlum added that most of the remaining project costs would be covered by approximately US $140 million in construction financing.

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[msongs]

1. verrry interesting nt