Bio-Logical Capital Agrees to Buy Hana Ranch on Maui
Hana Ranch Partners signed a sale agreement last week to pass ownership of its cattle ranch on Maui to Bio-Logical Capital, the land development company that teamed up with Pattern Energy last year and formed joint venture Molokai Renewables to study the feasibility of developing a 200-megawatt wind farm on Molokai.
Guy Kaulukukui, Bio-Logical Capital’s senior vice president, said the company plans to preserve and possibly expand Hana Ranch’s cattle operations.
“We are truly humbled to take on the kuleana of this remarkable ranch,” said Kaulukukui in a news release. “It is at once a privilege and a great responsibility… [Hana has] the potential to become a model for sustainable ranching and farming practices in the state.”
The Ranch started in 1944 with only 1,400 acres of land and a herd of cattle brought over from Molokai, according to The Maui News. Today, it boasts 1,200 head of cattle on 4,500 acres of pasture. While the selling price for the deal was not disclosed, Hana Ranch is listed at $55 million by Island Sotheby’s International Realty.
For those on Molokai concerned with the implications of Bio-Logical’s increased presence on Maui for the widely-contested windmill project on the Friendly Island, there has been no identified connection between the two projects.
“The wind energy project envisaged by Molokai Renewables has the potential to provide the Molokai community with the chance to invest in its own future at a level that may be unattainable by any other means,” said Kaulukukui in an email.
He stressed that Bio-Logical Capital will not be pursuing a wind energy project in Hana.
Senator J. Kalani English, a Hana native and resident, called Bio-Logical Capital a “natural fit”.
“I believe Bio-Logical Capital’s deep respect for the land, passion for thoughtful and sensitive stewardship of Hana Ranch, and willingness to contribute to the betterment of our families makes them a natural fit with my hometown of Hana,” said English.
Bio-Logical Capital will conduct a due diligence phase to learn more about the ranch’s potential and to hear from the community before finalizing the sale.