Honolulu-based Ulupono Initiative will invest $15 million in photovoltaic projects in Hawaii over the next year with the goal of increasing the state’s solar energy generating capacity by about 5 percent, the investment firm announced today.

Ulupono has partnered with SolarCity on the project, which will provide PV systems to customers with no upfront cost. The partnership will own the PV systems and sell the electricity to customers at a contracted rate below what the local electric utility would charge.

The first batch of projects will include PV systems at seven state Department of Transportation buildings on five islands and a one at a condominium project on Oahu totalling about 1 megawatt of generating capacity.

“Ulupono is investing in this partnership with SolarCity to bring affordable solar power to local customers that can help them manage their rising utility bills,” said Kyle Datta, general partner of Ulupono Initiative. 

Ulupono Initiative is a for-profit investment firm that aims to improve the quality of life in Hawaii by investing in ventures focused on reducing waste, renewable energy and local food production.