The Public Utilities Commission approved a power purchasing agreement for a 24-megawatt wind project in Kahuku, Oahu, Wednesday.

The planned wind farm operated by Na Pua Makani Power Partners will supply energy to Hawaiian Electric Co. at 15 cents per kilowatt-hour over the next 20 years, according to the contract.

The project will balance HECO’s energy portfolio and will help lower energy costs for Oahu residents, said the PUC in the decision.

“The commission further finds that the project will provide economic benefits to HECO’s ratepayers,” the PUC said.

Na Pua Makani is currently working with local and federal agencies on permitting for the 10 wind turbines.

The project is owned by Na Pua Makani Power Partners’ parent company Champlin/GEI Wind Holdings LLC, a southern California wind energy development company.