A California agricultural company and a Canadian investment partner teamed up to acquire 41,000 acres of mostly sugar cane land on Maui from Alexander &Baldwin on Thursday with plans to cultivate a variety of food and energy crops.

In announcing the $262 million sale to Mahi Pono LLC, A&B declared a new era for agriculture on the Valley Isle, ensuring the preservation of green, open space in Central Maui, along with a long-term source of revenue for the local economy.

“I’m excited,” said former Lt. Gov. Shan Tsutsui of Maui, who was hired by Mahi Pono six months ago to help advise the company on the prospective sale.

Tsutsui said the company is committed to conducting itself in a pono, or appropriate, way and will meet with the community in the coming months to learn more about what folks want to see on the land.

The sale, which closed Tuesday, includes the 36,000 acres of the former Hawaiian Commercial &Sugar Co. plantation, which operated for nearly 150 years and was Hawaii’s last major sugar operation when it closed in 2016.

Mahi Pono is a venture between Pomona Farming LLC of California and the Public Sector Pension Investment Board (PSP Investments), headquartered in Ottawa and one of Canada’s largest pension investment managers.

Mahi Pono said it is planning a range of agricultural operations, including the production of non-GMO foodstuffs for local consumption and potential export, as well as an agricultural park for use by small, local farmers.

According to the company, the current plan is for the production of coffee, fruit and vegetable crops and an expansion of A&B’s grass-fed cattle project at Kulolio Ranch, which Mahi Pono purchased in the deal.

Mahi Pono also purchased Central Maui Feedstocks, A&B’s energy crop project, and assumed all diversified agriculture leases previously entered into by A&B. The company will also form a joint venture with A&B to own and operate East Maui Irrigation Co.

There are no plans to convert any of the lands to nonagricultural purposes, the company said, and all of A&B’s active agricultural personnel will be offered positions with Mahi Pono.

President Ann Chin said the company wants to help ensure Maui’s residents are able to produce agricultural products for future generations.

“Mahi Pono is committed to sustainable agriculture. We will be stewards of the land and responsible users and protectors of Hawaii’s natural resources and environment,” Chin said in a release.

Albert Perez, executive director of Maui Tomorrow, said rumors about the sale had been flying around the island for a couple of months. But on Thursday he remained cautious.

“It’s a major development, and we’re looking forward to working with the new owner,” he said.

The Maui foundation is a proponent of regenerative farming, a sustainable approach to agriculture that spurns the use of pesticides and artificial fertilizers. He said the organization would push the company to adhere to that style of farming.

In a statement, Gov. David Ige said he supports the sale and believes the new partnership will ensure that Central Maui “stays green for the long term.”

Maui Mayor Alan Arakawa added, “It is important that we increase food security on Maui and in Hawaii, and having a farmer with a proven track record pursue diversified food crops here on Maui is definitely a step in the right direction.”

Pomona Farming describes itself as a global investment and food- branding company with more than 100,000 acres of farmland under management. According to its website, current operations feature more than two dozen crops ranging from cereal grains to walnuts, olive oil, sunflowers, jalapenos and cattle.

Among the partners and clients listed on the website are MauiGrown Coffee and the Maui Cattle Co., Kraft, Sunkist and 7-Eleven.

In addition to its own production on Maui, Mahi Pono said it would provide “local partners with resources such as farming expertise, farming resources and equipment, and development and farming capital.”