Hawaii, its biggest power utility and other defendants have reached a tentative agreement to pay more than $4 billion to settle lawsuits stemming from the devastating wildfires in Maui nearly a year ago, Gov. Josh Green announced Friday.

The proposed agreement, which must still be approved, would settle approximately 450 lawsuits filed by plaintiffs, including homeowners and businesses, for fires in Lahaina and Upcountry Maui, Green’s office said.

He called it “a historic settlement to resolve all tort claims arising from the Maui wildfires.”

The wildfires are the deadliest in modern American history and caused damages estimated at $5 billion. More than 100 people in Lahaina were killed.

Green said the deal, called an agreement in principle, was complex.

“This Global Settlement of over $4 billion will help our people heal,” Green said in a statement. He said that it ensures victims won’t have to wait unnecessarily in litigation.

A final settlement requires court approval. It is also contingent on the resolution of insurance company claims that have already been paid.

The proposed agreement involves seven defendants — the state of Hawaii, County of Maui, Hawaiian Electric, Kamehameha Schools, West Maui Land Co., Hawaiian Telcom and Spectrum/Charter Communications, Green’s office said in a statement.

The state’s contribution to the settlement must first be approved by the Legislature. Payments are expected to begin mid-2025, Green said.

It has been almost a year since a wind-whipped wildfire spread on Aug. 8 in West Maui. Other fires also erupted, destroying homes, businesses and the environment.

Around 2,200 parties filed lawsuits after the fires, according to the governor’s office.

Hundreds of suits have piled up against Hawaiian Electric, accusing the company of negligence and ignoring repeated warnings of the possibility of a catastrophic inferno igniting on the island.

Hawaiian Electric is a for-profit, investor-owned company that serves 95% of the state’s electric customers.