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Thursday, August 16, 2012
Windfarm Developer in Complex Deal to Buy Hana Ranch
By News Release @ 5:30 PM :: 8451 Views :: Kauai County, DHHL

Hāna Ranch Partners to pass ranch stewardship to Bio-Logical Capital

News Release from Bennet Group, Representatives of Bio-Logical Capital

Hāna, Maui, Hawai'i - Bio-Logical Capital, LLC and Hāna Ranch Partners LLC announced today that they have signed a purchase and sale agreement to pass ownership of Hāna Ranch to Bio-Logical Capital. Bio-Logical Capital-a local land investment, development, revitalization, and conservation company-plans to continue sustainable cattle ranching and expand organic farming, as well as other stewardship activities. Bio-Logical Capital will conduct a due diligence investigation prior to the anticipated closing of the transaction; the purchase price and other terms were not disclosed. Daniel Omer of Island Sotheby's International Realty is representing Hāna Ranch Partners in the sale.

"We are truly humbled to take on the kuleana of this remarkable ranch. It is at once a privilege and a great responsibility. Hāna is one of the last, best places in Hawai'i untouched by urbanization, rich in abundant natural and cultural resources, and with the potential to become a model for sustainable ranching and farming practices in the state," said Guy Kaulukukui, senior vice president of Bio-Logical Capital.

Bio-Logical Capital plans to preserve Hāna Ranch as a working cattle ranch.

"Hāna Ranch is one of the best-managed cattle ranch operations in Hawai'i. Its employees have done a fantastic job of building a healthy, all-grass-fed, productive cattle herd. We want to build on their work and help lead Hawai'i in growing healthy food and strong communities," said Kaulukukui. "There are no plans for a wind project," he added.

"Hāna Ranch Partners is pleased to have Bio-Logical Capital become the new owner of Hāna Ranch. The company's commitment to agricultural operations, conservation of the land, and preservation of its history, ensures that the unique heritage of Hāna will be maintained," said Roy O'Connor, chairman of the Hāna Ranch Partners' executive committee.

"As a long-time supporter of healthy, vibrant and sustainable farming on Maui, I welcome Bio-Logical Capital to our island 'ohana as the new owners of Hāna Ranch," said Senator J. Kalani English, who lives in Hāna and represents Hāna, East and Upcountry Maui, Moloka'i, Lāna'i and Kaho'olawe.

"I believe Bio-Logical Capital's deep respect for the land, passion for thoughtful and sensitive stewardship of Hāna Ranch, and willingness to contribute to the betterment of our families makes them a natural fit with my hometown of Hāna. I look forward to working with Bio-Logical Capital and the entire Hāna community as we strive to make Hāna Ranch one of the best models for smart, sustainable ranching and farming in the nation," Senator English added.

Bio-Logical Capital will be a neighbor and collaborator in the Hāna community for generations to come; as a first step, it looks forward to continuing meetings with community leaders and working to engage with the community regarding this important project.

---30---

CB: Hana Ranch Being Sold To Big Wind Developer

CB: Monica Salter, a company spokeswoman with Bennet Group which represents Bio-Logical Capital, said that a sales agreement had been signed, but the company still had to finalize the purchase. She said she wasn't sure if there is an expected closing date.

"It's the furthest step (Bio-Logical Capital) has gotten with any project to date," she said.

The company is also seeking to develop a wind farm on Molokai in conjunction with San Francisco-based Pattern Energy, as part of a joint venture called Molokai Renewables. The wind farm is part of the Big Wind project that is envisioned to ship power to Oahu via an undersea cable.

In an interview with Civil Beat on Wednesday, Bio-Logical Capital CEO Grant McCargo skirted questions about a timeline for developing projects on Hana Ranch. He said that the company was also looking into a project on Oahu's north shore, but wouldn't disclose any details.

CB: Deal Reached for Hana Ranch

Harrison Sheppard, head of Hana Ranch Partners’ executive committee… said that it “was a very complex transaction. It’s not technically correct to say the sale has been finalized.”

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