A community group that opposes the development of large-scale wind farms on Lanai and Molokai is asking state regulators to reopen the bidding process for the projects, saying the original agreement is no longer valid because one of the developers dropped out.
An attorney for Friends of Lanai said a decision by First Wind LLC not to pursue the Molokai portion of the proposed project triggered a series of events that were not authorized under the original approval granted by the Public Utilities Commission last fall.
First Wind withdrew from the project after missing a key March 18 deadline set by the PUC to show that it was making progress on its planned 200-megawatt Molokai wind project. Castle & Cooke Resorts, which is pursuing a 200-megawatt wind project on Lanai, met the deadline. The two projects, dubbed “Big Wind,” would transmit electricity to Oahu via an undersea cable under a plan that is still in the preliminary stages.
Friends of Lanai attorney Isaac Hall noted that the PUC had to grant a waiver for the Big Wind project to proceed because its proposed size exceeded Hawaiian Electric Co.’s original request for proposals of up to 100 megawatts of renewable energy.
“Since only one party timely complied (with the PUC deadline), Friends of Lanai believes that the waiver is no longer valid
California firm joins Molokai wind project
Pattern Energy Group is expected to “engage all of the community”
Molokai Properties Ltd. said it is teaming up with a new company to develop a proposed wind energy project on the island after it was unable to come to terms with its previous partner, First Wind LLC.
MPL joined forces with San Francisco-based Pattern Energy Group on the project that, as envisioned, would transmit wind-generated electricity to Oahu via an undersea cable. The project, with 90 wind turbines and a generating capacity of 200 megawatts, represents half of the so-called Big Wind project that would include the transmission of an equal amount of wind energy from Lanai to Oahu.
Executives from Pattern and Molokai Properties held three community meetings in early March to brief the community on the proposal, said Peter Nicholas, MPL’s chief executive officer. Nicholas said he hoped Pattern’s plan would be better received by the community than what had been proposed by First Wind.
MPL broke off talks with First Wind in November following two rounds of negotiations in which the two sides were unable to reach agreement on a land price and the approach to community involvement. MPL, which also does business as Molokai Ranch, owns 60,000 acres on Molokai, or about 40 percent of the island.
SHARES OF MAUI LAND & PINEAPPLE RANK THE LOWEST IN TERMS OF RPE IN THE REAL ESTATE DEVELOPMENT INDUSTRY (MLP, AVTR, STRS, HOFD, FOR)
SmarTrend(R) News Watch via COMTEX) — Below are the bottom five companies in the Real Estate Development industry ranked by Revenue Per Employee (RPE). Analysts use RPE as a measure to compare the productivity of companies in the same industry.
Maui Land & Pineapple (NYSE:MLP) ranks first with an RPE of $152K; Avatar Holdings (NASDAQ:AVTR) ranks second with an RPE of $245K; and Stratus Properties (NASDAQ:STRS) ranks third with an RPE of $336K.
Homefed (NASDAQ:HOFD) follows with an RPE of $990K and Forestar Group (NYSE:FOR) rounds out the top five with an RPE of $1182K.
SmarTrend currently has shares of Forestar Group in an Uptrend and issued the Uptrend alert on September 02, 2010 at $15.71. The stock has risen 16.4% since the Uptrend alert was issued.
Write to Chip Brian at cbrian@tradethetrend.com
SmarTrend is a registered trademark of Comtex News Network, Inc.
ML&P nears deal to pay off $40 million debt
Maui Land & Pineapple Co. has completed definitive agreements with all holders of $40 million of its debt to repurchase the notes.
In a filing with the Securities and Exchange Commission Tuesday, the company said it had reached agreement with the last remaining noteholders on July 22. It had earlier stated that four-fifths of the creditors had agreed to the deal.
As a result, debt-laden ML&P hopes to retire a large chunk of its obligations that otherwise would have required it to go to financial markets to refinance the $40 million as early as next year. Considering the company’s money-losing status, refinancing would have been difficult and expensive.
Inability to replace the debt with new debt or retire it could have triggered incidents of default with other corporate loans.
In May, the board of directors authorized an additional 20 million shares to be offered to the creditors.
New company to take over pineapple operations – The Maui News
New company to take over pineapple operations
POSTED: December 31, 2009
The newly formed Haliimaile Pineapple Co. Ltd. announced today it would immediately take over 1,000 acres and related facilities from Maui Pineapple Co., under an agreement signed Thursday with Maui Land & Pineapple Co.
The new company’s first day of work will be Saturday, when employees will start picking Maui Gold fruit, said Doug Schenk, one of the six local partners in the venture.
Maui Pine’s last harvest was Dec. 23. The company had announced it was leaving the business earlier this year after recording continuous, large losses.
The owners and directors of the new venture are Pardee Erdman, owner of Ulupalakua Ranch; Schenk, Doug MacCluer and Ed Chenchin, all retired Maui Pine managers; and two men who were operating directors of Maui Pine until it closed, Strand and Rudy Balala.
Haliimaile Pine has licensed and purchased assets notably the Maui Gold patented variety and leased land, equipment and buildings from Maui Pine.
Haliimaile Pine will do its own marketing, targeting local retailers, hotels and restaurants.
FINAL HARVEST: Sun sets on ML&P cultivation of pineapple – The Maui News
Deal in works for new, smaller company to farm golden fruit
By ILIMA LOOMIS, Staff Writer
POSTED: December 24, 2009
WAILUKU
Fieldworkers picked their last pineapples Wednesday as Maui Pineapple Co. ceased operations after 100 years of farming.
About 285 Maui Pine workers are being laid off in the shutdown, with their last official day of employment Dec. 31. Another 133 employees were expected to be offered positions at Maui Land & Pineapple partner companies.
Some remained hopeful a startup company would take over Maui Pine land, equipment and operations to continue pineapple farming on Maui and hire back some of the laid-off workers.