Business briefs

Advertiser Staff

HELCO to buy from wind farm

The state Public Utilities Commission has approved an agreement between Hawai'i Electric Light Co. and Hawi Renewable Development to allow the Big Island utility to purchase electricity from a new wind farm.

The $6.2 million wind farm will be built by Site Constructors Inc. of California near North Kohala's 'Upolu Point. Construction is scheduled to be completed by the end of the year.

The farm is expected to generate up to 3 megawatts of power. A single megawatt can power about 220 homes, according to HELCO.

The Hawi facility will be the third largest wind energy facility on the HELCO system.

City Bank forms venture arm

City Bank has established a venture fund intended to invest in Hawai'i small businesses.

The bank formed CityInvestor Services Inc., a wholly owned subsidiary of City Bank. It also established City Venture SBIC L.P., a venture capital investment fund. City Bank will be the general partner in City Venture, and CityInvestor Services will be a limited partner.

Officials for City Venture SBIC L.P. said they intend to invest in a balanced portfolio of well-established, private companies. The initial fund was set up with $7.5 million.