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Denham Sustainable Infrastructure provides green bond to Hawaiian Electric Industries

 Inaugural sustainability-focused private placement bond tranche for Hawaiian Electric Industries

Jersey City, NJ — December 14, 2022 — Denham Sustainable Infrastructure (“DSI”) is pleased to announce it has provided a corporate private bond investment through its DSI Credit platform, as part of Hawaiian Electric Industries, Inc.’s (“HEI”) latest private placement financing.

Through a private placement arranged by MUFG Securities Americas, Inc. and TD Securities (USA) LLC, HEI issued $110 million of senior unsecured fixed rate notes.  As part of the issuance, HEI has carved out a $35 million green bond, a dedicated tranche for sustainable projects defined under a self-certification framework using key performance indicators and parameters aligned with DSI Credit’s ESG Policy screening criteria. HEI’s family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaii.

The Denham Sustainable Infrastructure Credit framework alignment with green loan and sustainable loan principles has been reviewed by Moody’s ESG Solutions. Eligibility criteria for the green bond cover a range of energy transition assets, including renewable energy generation, transmission and storage. HEI has earmarked the initial portion of the green bond proceeds to fund a portion of a portfolio of solar photovoltaic power generation facilities and battery storage located across the State, including across several university campuses in Hawaii.

The transaction marks an important milestone for DSI, having now closed nine transactions since its first investment in December 2021, consolidating its position as a leader in the sustainable infrastructure credit market.

Jorge Camiña, Partner and Head of Sustainable Infrastructure Credit at Denham Capital, added:

“We are proud to support HEI’s vision towards a net-zero future in Hawaii. This inaugural Green Bond for Hawaiian Electric Industries complements other initiatives taken by its subsidiary Hawaiian Electric to cut by 70% its carbon emissions from power generation by 2030. HEI has a critical role in the progressive steps the state of Hawaii is taking to be at the forefront of the energy transition. Denham Capital is delighted to be sharing in this effort to deliver on bold commitments, financing energy transition efforts that are increasingly crucial to combat climate change.”

Paul K. Ito, Vice President – Tax, Controller and Treasurer and Interim Chief Financial Officer at Hawaiian Electric Industries Inc., added:

“HEI is delighted to have Denham Capital providing this solution and joining our investor group. We are focused on ensuring and accelerating a sustainable future for Hawaii and we believe Denham Capital’s backing further enhances our ability to deliver on this goal. We look forward to working in partnership with them as we progress with our work to sustainably empower the economic and community activity of our state.”

About Denham Capital

Founded in 2004, Denham Capital is a global Energy Transition investment firm, having raised more than $10 billion of capital across multiple sectors. Specializing in private equity, infrastructure, mining and credit, we invest in sectors that are central to the economic and resource transitions happening globally.

Denham Capital sponsors entrepreneurs, delivering the financial resources and industry expertise needed to create and grow successful infrastructure and resource businesses. We seek to establish long term partnerships with entrepreneurs and companies who share our vision for growth and value creation. Our firm is built on a foundation of experience, fairness, economic rationale, flexibility and trust, and we bring these values into every opportunity we pursue. We believe our tactical familiarity within our industry sectors along with a disciplined approach centered around fairness and shared success make us an ideal partner.

Through its energy transition focused Sustainable Infrastructure (SI) and Mining investment businesses, Denham Capital’s investments deliver the sustainable infrastructure and metals and minerals critical to the energy transition, to global markets. Denham Capital’s SI team has been investing in renewable power for over 15 years and has deep expertise in infrastructure “business building” where it acquires, grows and exits infrastructure businesses. Denham Capital’s existing investments in energy projects are situated across 11 countries, resulting in nearly 1 million tons of avoided carbon emissions annually.

For more information, visit www.denhamcapital.com/sustainable-infrastructure

About HEI

The Hawaiian Electric Industries, Inc. (HEI) (NYSE:HE) family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaiʻi. HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaiʻi’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, American Savings Bank, is one of Hawaiʻi’s largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI helps advance Hawaiʻi’s sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.

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