Hawaiian Electric Company has received approval from the Hawaii Public Utilities Commission for an additional three-year biodiesel contract with Renewable Energy Group (REG), the nation’s largest biodiesel producer.
This is REG’s third awarded contract for sustainable biodiesel for Hawaiian Electric’s 110-megawatt combustion turbine generator at Campbell Industrial Park Generating Station. The new contract will take effect when the present contract ends in July 2012.
Renewable Energy Group, Inc. (NASDAQ:REGI) announced today its financial results for the first quarter ended March 31, 2012.
For the quarter ended March 31, 2012 revenues were $188.2 million, an increase of 80% compared to revenues of $104.4 million for the same period in 2011. For the quarter ended March 31, 2012, adjusted EBITDA was $12.7 million, an increase of 140% compared to $5.3 million for the same period in 2011. The balance sheet remained strong with cash of $75.2 million at the close of the quarter, compared to $33.6 million at December 31, 2011.