Outdoor clothing company Patagonia and Kina‘ole Capital Partners, LLC, a local solar finance company, are working together to create a fund to purchase more than 1,000 roof-top solar energy systems in Hawaii. The partnership with the California-based clothier and Kina‘ole was announced on Oct. 15. They want to help out Hawaii solar businesses and help residents reduce energy bills. Patagonia will contribute $13 million to this investment to the fund that totals $27 million. Kina‘ole will then make the funds available to all qualified local solar installation companies in Hawaii. According to a press release issued by Patagonia, “Kina‘ole Capital Partners is a financial services company that offers customers the option of enjoying a solar energy system at no up-front cost.” Customers agree to purchase solar electricity generated by the solar energy system that is less than the local utility’s rate. This lower electricity cost provides immediate savings to the customer and serves to reduce the amount of electricity that is purchased from the utility grid.Patagonia and its affiliates are encouraging other companies like themselves to invest in local solutions for a better planet. According to Patagonia’s CEO, Rose Marcario, “Business is in a unique position to accelerate the creation of renewable energy infrastructure.” In Hawaii, renewable energy only accounts for 10 percent of the statewide consumption, says fund information. Patagonia and Kina‘ole predict because of their efforts greenhouse gas emissions will decrease by 153, 000 tons of CO2, the equivalent to 323, 000 barrels of oil, 75,000 tons of coal or taking 29, 000 passenger vehicles off the road. Installation of the rooftop solar panels will subsequently create hundreds of jobs for Hawaii’s solar industry workers, according to fund information. One such benefactor of the Patagonia and Kina‘ole $27 million fund is Kohl Christensen’s solar installation company based on Oahu. Kina‘ole founders Blair Herbert and Andrew Yani said they are excited for this project in collaboration with Patagonia “as its leadership in the area of environmental responsibility aligns perfectly with our business model of displacing expensive, dirty electricity.”More information about Kina‘ole is available at www.kinaolecapital.com. For information about the fund go to: http://www.thecleanestline.com/2013/05/introducing-20-million-change-and-patagonia-works-a-holding-company-for-the-environment.html.
Writer: Morgynne Tora ~ Multimedia Journalist
