Under the proposed deal, Hoku Solar would provide the electric utility with solar power from a system it would install on the roof of Hawaiian Electric's Archer Substation on Ward Avenue.
The project would be one of the largest solar power systems on Oahu.
Hoku Solar would own and operate the system and charge HECO a fixed rate for the solar power over 20 years. The utility would have the option to buy the system after five years.
Hoku Scientific's shares jumped 42 cents, or almost 10 percent, to four dollars, 69 cents on the news.
(Copyright 2007 Associated Press. All rights reserved)
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