The proposed merger of Hawaiian Electric Co. with Florida’s NextEra Energy has crossed another hurdle. Hawaiian Electric Industries officials say shareholders have finally approved the merger, something they had been reluctant to do four weeks ago.

NextEra wants to acquire Hawaii’s primary electric utility in a $4.3 billion deal that is under review by the state Public Utilities Commission. The merger needs shareholder approval to move forward but last month fell short of the supermajority — 75 percent of shareholders — required under state law.

In a press release, HEI said about 90 percent of shareholders favored the deal in the new round of voting on Wednesday.

The merger involves HECO, Maui Electric Co. and Hawaii Electric Light Co. on the Big Island. Activist groups on both Maui and the Big Island are exploring ways to form new power companies for those islands, much as Kauai did years ago with the Kauai Island Utility Cooperative.

While the Federal Energy Regulatory Commission has approved the proposed merger, the transaction remains subject to other regulatory approvals including approval by the PUC, other customary closing conditions and the spinoff of American Savings Bank, a subsidiary of HEI and one of Hawaii’s largest full-service financial institutions, according to HEI’s press release.

The Hawaiian Electric building in downtown Honolulu.

Cory Lum/Civil Beat