About Us >> Our Story
Honolulu Seawater Air Conditioning, LLC was founded by Ever-Green Energy, LLC of Saint Paul, Minnesota, to develop seawater air conditioning projects in Hawaii. As a wholly owned subsidiary of Ever-Green Energy, LLC, Renewable Energy Innovations (REI), was established for the purposes of developing, operating, and managing district cooling systems. With more than 30 years of experience of operating and managing district energy systems, REI and its personnel has unique expertise in deep-water air conditioning.
REI and its affiliates were invited by the State of Hawaii to consult on renewable energy projects. It was concluded that the opportunity to help Hawaii reduce its dependence on fossil fuels through deep-water air conditioning was virtually unmatched by any other opportunity in the United States.
Furthermore, local support from virtually all public and private sectors encouraged the development of a deep-water air conditioning system in Honolulu. Without any public investment, REI undertook more than three years of lead, at-risk investment without assurance that a project would be developed or other equity investors would be secured. Subsequently, a total of $17 million at-risk private equity was invested by investors from Hawaii, Minnesota and Sweden to assure the commencement of construction. The remainder of the project will be funded primarily with debt (expected 80/20 debt-to-equity ratio). REI’s 25-year operations and management contracts with Honolulu Seawater Air Conditioning ensures that downtown Honolulu will be provided with local, renewable, and reliable cooling for years to come.