Hawaiian Electric Industries’ net income more than doubled in the third quarter after being bolstered by a one-time termination fee that NextEra Energy Inc. had to pay the utility after a proposed buyout was rejected by state regulators.

The parent company of Hawaii’s largest electric utility and American Savings Bank received a $90 million merger termination fee, or $63.8 million after taxes, from the Florida-based company, whose $4.3 billion buyout bid was turned down in July by the state Public Utilities Commission due to concerns about mainland control and doubts about NextEra’s commitment to the state’s lofty renewable-energy goals.

HEI President and CEO Constance Lau said that the money will be used to bring online more renewable energy projects in Hawaii.

“The NextEra Energy termination payment will support HEI’s investments in our community and projects our utility is undertaking to reliably integrate more renewable energy for its customers,” Lau said today in a statement. “Through the first nine months of this year, Hawaiian Electric invested $230 million in local infrastructure projects to modernize the electric grid and to reliably integrate more renewable energy, moving us closer to our renewable energy goals.”

Excluding the payment from NextEra, HEI’s core earnings for the third quarter were $63.3 million, or 58 cents a share, compared with $52.4 million, or 49 cents a share, for the third quarter of 2015.

HEI’s stock closed up 15 cents to $28.78 on Friday. The results were announced after the stock market closed.