JUNO BEACH, Fla. and
HONOLULU, March 30, 2015 /PRNewswire/ -- NextEra
Energy, Inc. (NYSE: NEE) and Hawaiian Electric Industries, Inc.
(NYSE: HE) (HEI), whose subsidiaries include Hawaiian Electric
Company, Inc., Hawaii Electric Light Company, Inc. and Maui
Electric Company Limited (collectively referred to as Hawaiian
Electric), today announced that the Federal Energy Regulatory
Commission (FERC) has given its approval to the companies' proposed
merger that was announced in December
2014.
"Approval by the Federal Energy Regulatory Commission represents
a significant step toward the completion of our merger," said
Jim Robo, chairman and chief
executive officer of NextEra Energy. "Through our
partnership, we will apply our combined expertise and resources to
deliver significant savings and value to Hawaiian Electric
customers. We will continue to work closely with our partners at
Hawaiian Electric in pursuing the remaining necessary approvals to
complete the merger and begin to deliver the more affordable clean
energy future we all want for Hawaii."
"We are pleased with this substantial progress on our proposed
merger," said Connie Lau, HEI's
president and chief executive officer and chairman of the boards of
American Savings and Hawaiian Electric. "Hawaiian Electric is
gaining a partner that is the world's largest generator of
renewable energy from the wind and sun, with a commitment to
supporting rooftop solar in Hawaii
and a proven track record of lowering electric bills. This approval
provides further momentum toward ultimately delivering that
substantial value to our customers and communities."
Merger Approvals Process
The transaction remains subject to approval by the Hawaii Public
Utilities Commission, HEI shareholders, the spinoff of ASB Hawaii
and additional regulatory approvals and other customary
conditions.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy
company with consolidated revenues of approximately $17.0 billion, approximately 44,900 megawatts of
generating capacity, which includes megawatts associated with
noncontrolling interests related to NextEra Energy Partners, LP
(NYSE: NEP), and approximately 13,800 employees in 27 states and
Canada as of year-end 2014.
Headquartered in Juno Beach, Fla.,
NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves
approximately 4.7 million customer accounts in Florida and is one of the largest
rate-regulated electric utilities in the
United States, and NextEra Energy Resources, LLC, which,
together with its affiliated entities, is the world's largest
generator of renewable energy from the wind and sun. NextEra Energy
has been recognized often by third parties for its efforts in
sustainability, corporate responsibility, ethics and compliance,
and diversity, and has been ranked in the top 10 worldwide for
innovativeness and community responsibility as part of Fortune's
2015 list of "World's Most Admired Companies." For more information
about NextEra Energy companies, visit these websites:
www.NextEraEnergy.com, www.FPL.com,
www.NextEraEnergyResources.com.
Hawaiian Electric Industries
HEI supplies power to approximately 450,000 customers or 95% of
Hawaii's population through its
electric utilities, Hawaiian Electric Company, Inc., Hawaii
Electric Light Company, Inc. and Maui Electric Company, Limited and
provides a wide array of banking and other financial services to
consumers and businesses through American Savings Bank, one of
Hawaii's largest financial
institutions.
Forward Looking Statements
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are typically identified by words or
phrases such as "may," "will," "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "predict," and "target" and
other words and terms of similar meaning. Forward-looking
statements involve estimates, expectations, projections, goals,
forecasts, assumptions, risks and uncertainties. NEE and HEI
caution readers that any forward-looking statement is not a
guarantee of future performance and that actual results could
differ materially from those contained in any forward-looking
statement. Such forward-looking statements include, but are not
limited to, statements about the anticipated benefits of the
proposed merger involving NEE and HEI, including future financial
or operating results of NEE or HEI, NEE's or HEI's plans,
objectives, expectations or intentions, the expected timing of
completion of the transaction, the value, as of the completion of
the merger or spin-off of HEI's bank subsidiary or as of any other
date in the future, of any consideration to be received in the
merger or the spin-off in the form of stock or any other security,
and other statements that are not historical facts. Important
factors that could cause actual results to differ materially from
those indicated by any such forward-looking statements include
risks and uncertainties relating to: the risk that HEI may be
unable to obtain shareholder approval for the merger or that NEE or
HEI may be unable to obtain governmental and regulatory approvals
required for the merger or the spin-off, or required governmental
and regulatory approvals may delay the merger or the spin-off or
result in the imposition of conditions that could cause the parties
to abandon the transaction; the risk that a condition to closing of
the merger or the completion of the spin-off may not be satisfied;
the timing to consummate the proposed merger and the expected
timing of the completion of the spin-off; the risk that the
businesses will not be integrated successfully; the risk that the
cost savings and any other synergies from the transaction,
including the value of a potential tax basis step up, may not be
fully realized or may take longer to realize than expected;
disruption from the transaction making it more difficult to
maintain relationships with customers, employees or suppliers; the
diversion of management time and attention on merger and
spin-off-related issues; general worldwide economic conditions and
related uncertainties; the effect and timing of changes in laws or
in governmental regulations (including environmental); fluctuations
in trading prices of securities and in the financial results of
NEE, HEI or any of their subsidiaries; the timing and extent of
changes in interest rates, commodity prices and demand and market
prices for electricity; and other factors discussed or referred to
in the "Risk Factors" section of HEI's or NEE's most recent Annual
Reports on Form 10-K filed with the Securities and Exchange
Commission (the "SEC"). These risks, as well as other risks
associated with the merger, are more fully discussed in the
definitive proxy statement/prospectus that is included in the
Registration Statement on Form S-4 that NEE has filed with the SEC
in connection with the merger. Additional risks and uncertainties
are identified and discussed in NEE's and HEI's reports filed with
the SEC and available at the SEC's website at www.sec.gov. Each
forward-looking statement speaks only as of the date of the
particular statement and neither NEE nor HEI undertakes any
obligation to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
Additional Information And Where To Find It
In connection with the proposed transaction between NEE and HEI,
NEE filed with the SEC a registration statement on Form S-4 that
includes a definitive proxy statement of HEI and that also
constitutes a prospectus of NEE. The registration statement was
declared effective by the SEC on March 26,
2015. HEI first mailed the definitive proxy
statement/prospectus to its shareholders on March 30, 2015. NEE and HEI may also file other
documents with the SEC regarding the proposed transaction.
INVESTORS AND SECURITY HOLDERS OF HEI ARE URGED TO READ THE
DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT
DOCUMENTS THAT HAVE BEEN OR WILL BE FILED WITH THE SEC CAREFULLY
AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may
obtain copies of all documents filed with the SEC regarding this
transaction, free of charge, at the SEC's website (www.sec.gov).
You may also obtain these documents, free of charge, from NEE's
website (www.investor.nexteraenergy.com) under the heading
"Investor Relations" and then under the heading "SEC Filings." You
may also obtain these documents, free of charge, from HEI's website
(www.hei.com) under the tab "Investor Relations" and then under the
heading "SEC Filings." Additional information about the proposed
transaction is available at a joint website launched by the
companies at www.forhawaiisfuture.com.
NextEra Energy
Contact
Robert L. Gould
Vice President, Chief Communications Officer
561-694-4442
Debra Larsson
Manager, Financial and Sustainability Communication
561-694-4442
Hawaiian Electric Industries
Contact
A.J. Halagao
Manager, Corporate & Community Advancement
808-543-5889
ajhalagao@hei.com
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SOURCE NextEra Energy, Inc.; Hawaiian Electric Industries,
Inc.