A Florida company announced Wednesday it would buy Hawaiian Electric Industries Inc. for $4.3 billion and take on the challenge of moving the state off its near total dependence on imported fossil fuels for power generation.

If the deal wins regulatory approval, Juno Beach, Fla.-based NextEra Energy Inc., the nation’s largest generator of wind and solar power, will become a key player in determining whether Hawaii can break its $5 billion-a-year imported-oil habit. Oil and coal account for 86 percent of Hawaii’s electric power, which leads to monthly bills being nearly triple the average in the U.S.

"In NextEra Energy, Hawaiian Electric is gaining a trusted partner that can help the company accelerate its plans to achieve the clean energy future we all want for Hawaii," said Connie Lau, head of HEI.

NextEra said it hopes to exceed the goals set by HEI in August to increase renewables as a percentage of total energy production to 65 percent, triple the state’s solar power generation and lower customer bills 20 percent by 2030.

NextEra said Hawaiian Electric will keep its name and continue to be based in Honolulu. The company also promised there will be no layoffs for at least two years.

As part of the deal, American Savings Bank, the state’s third-largest financial institution and a subsidiary of HEI, would be spun off. Current HEI shareholders would become owners of the new, independent ASB.

The sale would move control of Hawaii’s leading electric company to the mainland for the first time since it was founded in 1891 by King David Kalakaua.

Reaction was mostly cautious or skeptical among Hawaii renewable energy advocates and political leaders who voiced concern over the shift of HEI’s leadership to a state 5,000 miles away.

Gov. David Ige, who took office Monday, said in a statement: "The state of Hawaii will do its due diligence to ensure the sale will be in the best interest for Hawaii ratepayers. Since Hawaiian Electric Company, Inc. was founded by King David Kalakaua, the state will work to maintain the spirit and values that are consistent with the King’s legacy and honors our culture for future generations."

That sentiment was echoed in a statement by U.S. Sen. Mazie Hirono.

"The decision to combine with NextEra Energy and spin off ASB deserves careful scrutiny on behalf of Hawaii consumers and residents," Hirono said.

Neither politician offered praise for the proposed purchase. Solar industry officials, who have battled HEI over the years for what they saw as foot-dragging on solar expansion, were adamant in their objections to NextEra.

"NextEra’s Florida operations have been historically hostile to rooftop solar and energy efficiency efforts," said Robert Harris, a representative of the Alliance for Solar Choice. "Florida is the ‘Sunshine State,’ and yet only 2,565 of its customers have rooftop solar. This is a utility with over 4.7 million customers."

Florida’s Public Service Commission recently cut its energy efficiency goals and decided to allow a solar rebate program to expire at the end of next year.

NextEra CEO Jim Robo, speaking at a news conference in Honolulu, applauded the commission’s changes as a way to save customers 2 percent on their bills.

"Solar prices have come down so low that those rebates are frankly a little bit out of touch with what is going on in the rest of the country," Robo said.

The 35 percent tax rebate that Hawaii offers on rooftop solar systems and a 30 percent federal tax rebate have given a major boost to the state’s solar industry. More than 11 percent of Hawaiian Electric customers on Oahu have rooftop solar, compared with the U.S. average of 0.5 percent.

Henry Curtis, executive director of Life of the Land, an environmental and community action group, said, "We would be taking a Hawaii company and transferring ownership 5,000 miles away. It’s never good to decrease Hawaii control over such an important asset."

Not all reaction was negative. Blue Planet Foundation Executive Director Jeff Mikulina expressed optimism about the potential the acquisition presents. The nonprofit foundation works in the area of clean energy.

"NextEra brings an exceptional promise of positioning Hawaii as a global clean energy leader," Mikulina said. "They can bring the resources and expertise necessary to help our islands navigate the path to a clean, renewable future."

Several comments concerned the possibility of NextEra pushing for an undersea cable system to connect the Oahu and Maui grids.

For the past two years, NextEra Energy has been working on the project. The project’s future in Hawaii depends on how beneficial it would be for residents, said Robo at the news conference.

"The idea there was to integrate renewable resources from Maui to here in Oahu whether they be wind or solar," Robo said. "The question is it cost effective and that is something that remains to be seen.

State Rep. Cynthia Thielen (R, Kailua-Kaneohe Bay) questioned the wisdom of the cable.

"This means the costly underseas cable is back in play, instead of tapping each island’s renewable resources," she said.

NextEra also could speed Hawaii’s move to import liquefied natural gas to burn to make electricity, said Lau, the HEI chief, in a conference call with investors.

Holders of Hawaiian Electric stock will receive 0.2413 shares in NextEra plus a 50-cent one-time dividend for each share they own. Including an $8 per share estimated value for the ASB spinoff, the deal values Hawaiian Electric at about $33.50 per share, the companies said. That gives a total value of about $3.4 billion.

Without the spinoff, the sale values Hono­lulu-based Hawaiian Electric at $25.69 a share, or $2.6 billion.

Including debt, the total value of the transaction is about $4.3 billion.

Hawaiian Electric rose 17 percent to $33 after the close in trading in New York. Next­Era was unchanged at $104.39.

The deal requires approval from state and federal regulators, in addition to shareholders. It’s expected to be completed within about 12 months.

When asked what her role will be under the new ownership, Lau said, "I frankly haven’t even thought about it."

Star-Advertiser reporter Kathryn Mykleseth and Bloomberg News contributed to this report.