Long-term debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

December 31	2024		2023
(dollars in thousands)
Long-term debt of Utilities, net of unamortized debt issuance costs 1	$	1,901,214	$	1,934,277
HEI 4.58% senior notes, due 2025	50,000		50,000
HEI 4.72% senior notes, due 2028	100,000		100,000
HEI 2.82% senior notes, due 2028	24,000		24,000
HEI 2.48% senior notes, due 2028	30,000		30,000
HEI 6.04% senior notes, due 2028	39,000		39,000
HEI 2.98% senior notes, due 2030	50,000		50,000
HEI 3.15% senior notes, due 2031	51,000		51,000
HEI 2.78% senior notes, due 2031	25,000		25,000
HEI 2.98% senior notes, due 2032	30,000		30,000
HEI 5.43% senior notes, due 2032	75,000		75,000
HEI 6.10% senior notes, due 2033	61,000		61,000
HEI 5.43% senior notes, due 2034	35,000		35,000
HEI 3.74% senior notes, due 2051	20,000		20,000
HEI 3.94% senior notes, due 2052	20,000		20,000
Hamakua Energy 4.02% non-recourse notes, due 20302	39,026		44,855
Mauo SOFR + 1.475% loan, paid in 20243	—		5,384
Mauo 5.07% non-recourse term loan, due 2034 to 20352, 4	20,795		16,962
Kaʻieʻie Waho 2.79% non-recourse loan, due 20312	8,517		9,727
Mahipapa 2.14% non-recourse loan, due 2034 to 20362, 5	53,263		53,743
Mahipapa 5.625% non-recourse loan, due 20272	424		578
HEI revolving credit facility SOFR + 1.80%, due 2026 to 20276	173,000		175,000
Less unamortized debt issuance costs and debt discount	(6,681)		(8,097)
Less current portion long-term debt, net of unamortized debt issuance cost	(109,171)		(16,496)
Long term debt, net	$	2,690,387	$	2,825,933

1     See components of “Total long-term debt” and unamortized debt issuance costs in Hawaiian Electric and subsidiaries’ Consolidated Statements of Capitalization.

2 Secured by real and personal property of the respective entity, including various land parcels, a 60-MW combined cycle facility, photovoltaic and battery storage infrastructure, and a biomass plant. The aggregate net book value of the collateralized property, plant & equipment is approximately $165 million as of December 31, 2024.

3 As of July 1, 2023, LIBOR was replaced by the term SOFR plus the applicable margin of 1.375%, plus an additional 0.10% replacement rate adjustment. On February 8, 2024, the outstanding loan balance was fully paid and the loan was terminated.

4    In February 2024, the final tranche of the non-recourse loan was drawn. The notes bear interest at SOFR plus 1.7%. In connection with the non-recourse notes drawn under the credit agreement, Mauo entered into interest rate swaps that effectively convert the rate on the floating rate notes to fixed rates of 4.91% and 5.10%. As of December 31, 2024, the weighted-average interest rate was 5.07%, and as of December 31, 2023, the fixed rate was 4.91%.

5     As of December 31, 2024 and 2023, the weighted-average interest rate was 2.14% and 1.90%, respectively.

6     The interest rate is based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment. As of December 31, 2024 and 2023, the weighted-average interest rate was 6.89% and 7.19%, respectively.