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Subsequent event
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent event Subsequent event
As a result of HEI’s comprehensive review of strategic options of Pacific Current, on August 1, 2025, Pacific Current and Pacific Current, Solar and Storage Holding Company, LLC (PC Holdco), a newly created wholly owned subsidiary of Pacific Current, entered into a Membership Interest Purchase and Sale Agreement (MIPA) to sell all the membership interest in Pacific Current, Solar and Storage Operating Company, LLC (PC Opco), a newly created wholly owned subsidiary of PC Holdco which owns all of the membership interest in Mauo, LLC, Kaʻieʻie Waho Company, LLC, Upena, LLC and Alenuihaha Developments, LLC (Project Companies), to an unaffiliated third party for cash consideration to be determined under the provisions of the MIPA. The sale transaction closed on August 1, 2025 and as a result, PC Opco and its wholly owned Project Companies are no longer owned by PC Holdco. The sale transaction is not expected to have a material impact to the Company’s consolidated financial statements.
In addition, as part of the MIPA agreement but as a separate transaction, Pacific Current agreed to sell all of the membership interest in Mahipapa, LLC to the same unaffiliated third party (the Mahipapa Sale), with each of the parties’ obligations to complete the Mahipapa Sale subject to the conditions set forth in the MIPA.