Kauai solar project could be stalled

Development of a 100-acre solar thermal energy farm on Kauai could be stalled after Pacific Light & Power failed to reach a purchase-power contract with the Kauai Island Utility Cooperative.

The price offering was “;definitely on the high side,”; said cooperative President Randy Hee. Pacific Light & Power said it would go back to the table and try to find ways to cut costs, Hee said.

“;In the end, it became difficult for us to finance the project because essentially we would need to guarantee the loans and take on risk,”; Hee said.

PL&P and Spain-based Albiasa Corp. announced a partnership earlier this week to develop a 10-megawatt concentrated solar thermal power plant. PL&P officials have not returned a call and an e-mail requesting comment yesterday and Tuesday.

Local fish farm companies attacked

A new coalition to be launched today alleges that local commercial ocean fish farm companies are damaging the state's ocean ecosystems and hurting the local economy.

The Pono Aquaculture Alliance plans to release a report today alleging that operations at two fish farms have interfered with marine mammals, caused damage to habitats using heavy anchors, spread diseases from farmed fish to wild fish, and used chemicals or antibiotics that seeped into ocean waters. The coalition calls for lawmakers to prohibit the expansion of factory fish farms and to explore viable alternatives. The coalition plans to hold a press conference at the state Capitol this morning.

Four Seasons Maui loan transferred

A loan on the Four Seasons Resort Maui, a luxury hotel owned by Dell Inc. founder Michael Dell and his family, was transferred to a special servicer after the borrower defaulted, according to Fitch Ratings.

The loan has a balance of $250 million, Fitch said yesterday. The Dell family's private investment firm, MSD Capital LP, bought the 380-room property in Wailea in June 2004 for $280 million, according to Realpoint LLC. The loan has been on a watchlist for default because of declining cash flows, Horsham, Pa.-based Realpoint said in March.

The Four Seasons Resort Maui was valued at about $600 million in 2006, according to data compiled by Bloomberg. In addition to the $250 million mortgage, the resort also backs a $175 million loan that was packaged with other debt and sold to investors.

ON THE MOVE

Inga Dougherty has joined Homequest Realtors LLC of Kailua as a Realtor/broker. Dougherty has 35 years of experience in island real estate.

Hawaii Dental Service has named Cara Tarumoto controller for the company. She has 15 years' experience, including assistant controller with Hawaii Superferry and controller for Starbucks Coffee Hawaii and KMH LLP.

Coldwell Banker Pacific Properties announced Hiromi Farmer has been designated as a previews property team member. Her experience includes working for United Airlines, Chanel and Sheraton Hotels, as well as co-owner of two Japanese restaurants in Sydney.