 Recognized
significance to the State, Local Agriculture and Organized Labor
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Testimonials...
"Your Committee on Conference finds that this measure will help
meet Hawaii's goal for energy efficiency and renewable energy
use by reducing dependency on imported fossil fuels, providing
biodiesel at competitive prices, and stimulating the local
production of ethanol. This measure will also encourage local
agricultural research, development, and cultivation of renewable
energy feedstock crops."
Hawaii Legislature
2007 Conference Committee
on SB1718
(BlueEarth Biofuels Special Purpose
Revenue
Bond)
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"Maui Electric's plan for
biofuels production could benefit local agriculture and improve
Maui's energy sustainability."
Warren K. Watanabe
President, Maui County Farm Bureau
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"This BlueEarth Biofuels
project on Maui enjoys and appreciates the strong and meaningful
support of Hawaii's Organized Labor Community (ILWU, IBEW, MILA,
Plumbers and Fitters, Operating Engineers and the Hawaii
Building Trades Council)."
Landis Maez
BlueEarth Biofuels |
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BlueEarth Maui Biodiesel Project
40 million gallons per year, expandable to 120 million gallons per year
•
State-of-the-art & proven continuous process
• First biodiesel
plant in the Pacific capable of
achieving biodiesel quality accreditation
BQ-9000
and
ASTM D 6751 - 07b specifications
• Glycerin waste
stream used to produce power
• 50 employees
(union labor) - Phase 1
• Online in 2009:
Funding committed, engineering firm and contractors engaged
• Multi-vegetable feedstock – locally grown (sustainable
vegetable feedstock
from off-island will initially be used until local crops are
available).
•
The Bond financing terms and utility sales agreement require
the plant to buy locally
produced feedstock as it becomes
available
•
Only
"sustainable" biodiesel will be produced, described in Hawaiian Electric
Company's policy (prepared by the nation's most respected environmental watchdog and
policy setting organization, the Natural Resources Defense Council)
Shared
Project Profits with the Public*
•
Biofuels Public Trust will receive ~ ½ of Project profits
• Biofuels
Public Trust will fund local development
of agricultural infrastructure
•
The Biofuels Public Trust and the viable market that the Plant
will create, will stimulate
robust agricultural growth within the
state
Long-term Low-cost Biodiesel to HECO*
• Special Purpose Revenue Bond legislation
allows this Project to obtain more attractive financing terms, which gets passed on to rate-payers.
• Unique Tolling
Agreement Pricing Structure:
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Full “open-book” Cost & Pricing
Disclosure |
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Capped Margin Percentage |
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Consumer is insulated from petroleum
and biofuels price volatility |
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* HECO makes no profit on fuels (or
on biofuels). All of HECO's net Project profits will be
contributed to the Biofuels Public Trust to further stimulate
local bio-crop development. |
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