The Honolulu Board of Water Supply said Monday its $33 million energy-efficiency project beginning this month will create nearly 129 jobs.
There will be 119 jobs created during the first three years of the project and 10 jobs during the remaining 17 years, according to the State Department of Business, Economic Development and Tourism.
Over the next 20 years the upgrades — including photovoltaic systems, energy-efficient pumps, energy-efficient lighting and air-conditioning upgrades — will create a total of $42.7 million in household income and $3.4 million in state tax revenue, the board said.
The board signed an energy savings performance contract with NORESCO LLC, a Westborough, Mass.-based engineering consultant, in March.
Board of Water Supply officials said the installations, expected to reduce its annual electrical use by 9 percent, will begin this month with the light replacements.
The project is financed by a loan from the Drinking Water State Revolving Fund, managed by the state Department of Health.
The loan will be paid back by the approximately $3.3 million annual savings in energy costs over 17 years after the implementation of various energy conservations. The upgrades are expected to generate $56 million in energy savings over the 20-year life span.
The Board of Water Supply said the upgrades will not affect water rates.
Bayer will spare Europeans from GM seeds
BERLIN >> The CEO of Germany’s Bayer AG is promising it won’t use its planned acquisition of Monsanto Co. to force genetically modified crops on skeptical Europeans.
Monsanto in September accepted an offer from Bayer to pay $57 billion to its shareholders and assume $9 billion in debt. The combination would create a global agricultural and chemical giant — and bring Bayer together with a leading producer of genetically modified seeds that are engineered to resist drought, among other things, but viewed with deep suspicion in Europe.
Facebook debuts business version
NEW YORK >> You probably already use Facebook at work. Now Facebook is creating a separate version aimed at helping you do actual work instead of catching up on baby photos and campaign chatter.
Facebook is launching a communications tool Monday for businesses, nonprofits and other organizations. Called Workplace, the platform is ad-free and not connected to users’ existing Facebook accounts. Instead, businesses sign up as an organization and pay a monthly fee based on the number of users. It’s free for nonprofits and educational institutions.
China unveils plan to cut corporate debt
BEIJING >> Chinese authorities unveiled plans Monday to let companies give equity in themselves to banks to pay down soaring debt levels that economists warn might hamper the country’s already slowing growth.
Companies that show “good prospects” will be allowed to negotiate swaps with lenders, the deputy chairman of the Cabinet planning agency, the National Development and Reform Commission, said at a news conference.
China’s total debt is unusually high for a developing country at the equivalent of about 250 percent of annual economic output. It surged after the 2008 global financial crisis as Beijing used infusions of credit to prop up economic growth.
Tesla, SolarCity shares up as merger looms
DETROIT >> Shares of Tesla Motors Inc. and SolarCity Corp. rose Monday after the head of both companies said they won’t have to raise money this year.
Elon Musk tweeted over the weekend that the money-losing companies won’t need to raise equity or corporate debt in the fourth quarter despite a proposed merger and other potentially costly moves.
Musk said Tesla will introduce a new product Monday. Its lower-cost Model 3 is also due out next year.
Musk — who is chairman of SolarCity and CEO of Tesla — proposed in June that Tesla acquire SolarCity. Shareholders must still vote on the merger, which has been delayed by multiple lawsuits.
Tesla shares rose 2.2 percent to close Monday at $200.95. SolarCity gained 4.9 percent to $19.59.
ON THE MOVE
Christian P. “Christy” Gray has joined the Honolulu office of Jackson Lewis P.C., a Law Corp., as an associate. Prior to working in employment law, she was a deputy district attorney in Orange County, Calif. Gray also previously served as a law clerk to the Honorable Michael J. Wilson, judge for the state’s First Circuit Court.
Royal Lahaina Resort has announced the addition of two new executive sous-chefs:
>> John McEwan has 25 years of food and beverage leadership experience. He was previously an executive kitchen manager at Kaanapali Grille & Tap Room.
>> Jared Krausen has 17 years of restaurant and hospitality experience. Prior to joining Royal Lahaina Resort, Krausen served as a chef at Hyatt Regency Maui and Ritz Carlton Kapalua.
