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ValueAct Takes Stake in Hawaiian Electric for Renewable Push

  • Activist Ubben sees "utility of the future" on islands
  • Hawaii electric bills highest in U.S. due to imported oil
Testing The World's Biggest Wind Turbine

Photographer: Chris Ratcliffe/Bloomberg

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ValueAct Capital Management has taken a stake in Hawaiian Electric Industries Inc. and will push the utility to accelerate its use of renewable energy and end its dependence on imported oil.

The San Francisco-based hedge fund has bought more than $50 million of shares in Hawaii’s biggest utility through its ValueAct Spring Master Fund LP, an environmentally focused fund it launched this year, Chief Executive Officer Jeff Ubben said in an interview.