Billionaire Larry Ellison is keeping his word, planning to invest $10 million to upgrade Lanai’s water infrastructure without an expectation of recovering the cost from customers — and he’s willing to subsidize the utility’s operation expenses. 

Pacific Business News reports that the investment was a condition he agreed to with the Public Utilities Commission: 

These latest offerings by the CEO of Oracle Corp. (Nasdaq: ORCL) are detailed in arecent filingwith the Hawaii Public Utilities Commission as regulators consider giving final approval of the indirect transfer of the Pineapple Isle’s utilities — Manele Water Resources LLC, Lanai Transportation Co. Inc. and Lanai Water Co. Inc. — the last step in the estimated $500 million sale of 98 percent of the island.

Last June, the PUCgranted preliminary approvalfor the indirect transfer of Lanai’s regulated utilities from Castle & Cooke Inc. to Ellison’s Lanai Island Holdings LLC.

Additionally, the PUC said that within five years from the closing of the overall purchase, Lanai Island Holdings shall invest a minimum of $10 million in the water and wastewater utilities’ respective operations, which Ellison has pledged to do.

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