Now that the state has denied Florida-based NextEra Energy Inc.’s $4.3-billion bid to buy Hawaii’s largest electric utility, some see another black-eye to the state’s business reputation while others see opportunity.

In a 2-0 vote, the state Public Utilities Commission rejected NextEra’s purchase of Hawaiian Electric Industries Inc. Friday, after the company spent 19 months participating in the regulatory review; PUC approval was needed for the companies to close the deal.

Resistance to mainland control, doubts about Next-Era’s commitment to the state’s lofty renewable-energy goals, and uncertainty about whether ratepayers would see the benefits promised by the company led to the deal’s rejection.

With the denial, NextEra joins the Thirty Meter Telescope and the Hawaii Superferry on a list of high-profile cases in which major investments in Hawaii ran into opposition or were turned back.

“It looks like it’s history repeating itself over and over again, the Superferry, the telescope,” said Eddie Flores, president of L&L Drive-Inn, L&L Hawaiian Barbecue. Flores had been a vocal supporter of NextEra.

The Thirty Meter Telescope is a $1.4 billion project to build a telescope on Mauna Kea on Hawaii island. The Hawaii Supreme Court invalidated the project’s permit in December.

The Hawaii Superferry began operations between Oahu and Maui in December 2007 and left the islands in March 2009 after the state Supreme Court ruled that a law allowing the ferry to operate was unconstitutional.

“All of those projects run into so many problems and the costs just keep mounting more and more,” Flores said. “Cost is one thing. The second is the special interest groups, too many people filing lawsuits and complaining. It discourages a lot of people to come over.”

Nearly 30 local groups were involved in the HEI sale’s review. Environmental activists such as the Sierra Club, clean-energy advocates such as Blue Planet Foundation, local social investment firms such as the Ulupono Initiative, representatives from solar-power companies and the state Office of Planning voiced concern or outright opposition.

Flores said the rejection doesn’t help the perception that it can be challenging to do business in Hawaii.

“(NextEra) spent millions of dollars. They did a lot of work but at the end they didn’t get what they wanted,” Flores said. “It’s difficult to do business in Hawaii because of the costs. We have so many special interest groups that make things more expensive.”

NextEra invested heavily in its effort to win approval for the HEI sale. As of last fall, NextEra said it had spent nearly $21 million on public relations and consultants working on the HEI deal.

Hawaii’s business climate chronically ranks poorly on lists created by specialty publications.

In May 2015, Hawaii was 44th in the latest Chief Executive magazine ranking of the best and worst states for business.

Some 511 CEOs around the country completed the survey resulting in the list, ranking taxes and regulations, workforce quality, and living environment, the latter of which includes factors such as quality of education, cost of living, affordable housing, social amenities and crime rates.

Hawaii was also named the worst state to do business for the second time in three years by CNBC’s annual America’s Top States for Business ranking. The regulatory climate was one of the factors that led to Hawaii’s low placement.

Dawn Lippert, director of a nonprofit that provides resources to startup companies called Energy Excelerator, said for long-term economic growth in sectors with better paying jobs the state needs to work on its reputation.

“If we focus on creating a business climate that is friendly, I give Hawaii an A; logical and predictable, here we get a C; and bold, A for long-term vision, B for near-term policy. Hawaii must compete for talent, capital, and technology in a global market,” Lippert said.

The PUC is trying to be more predictable.

When announcing the NextEra decision, the PUC said that it “emphasized” that it is not preventing HEI from seeking another partner, or from renewing discussions with NextEra. The PUC said it included guidance on key elements that would help future companies looking to buy HEI’s electric utilities.

The companies could file a motion with the PUC for reconsideration within 10 days. They could also appeal the decision to the Hawaii Supreme Court.

Other companies also could step in with offers to buy Hawaiian Electric. Washington, D.C.-based Twenty First Century Utilities has expressed an interest, according to three sources who asked to remain anonymous because the company did not authorize them to speak.

But not everyone agrees with Flores.

Kyle Datta, general partner at Ulupono Initiative, said the commission’s decision opens the door for other suitors.

“This doesn’t mean Hawaii won’t move forward and won’t be able to meet our renewable goals,” Datta said. “We hope that future interested parties will be able to put together a proposal that will be fair for all parties involved.”

A major concern cited in the PUC decision was that NextEra’s ownership of HEI would hinder competition in the state’s energy market.

State Rep. Chris Lee (D, Kailua-Waimanalo) said that the PUC rejection of NextEra creates an opportunity for an open business environment.

“I think there is a collective sigh of relief among a huge number of investors looking to try and finance renewable projects here in Hawaii because now there is a chance that we can build a competitive utility,” Lee said.