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Capital Dynamics to buy First Solar, SunPower JV yieldco

Time: 2/7/2018 9:08:39 AM                       Publisher: Staff
Solar plant. Photo by: First Solar (www.firstsolar.com)
 
February 6 (Renewables Now) - Global asset manager Capital Dynamics has agreed to acquire 8point3 Energy Partners LP (NASDAQ:CAFD), the solar yieldco owned by SunPower Corp (NASDAQ:SPWR) and First Solar Inc (NASDAQ:FSLR).
 
The joint venture will be acquired for about USD 977 million (EUR 788.6m), the sellers announced in a joint statement on Monday. Set up to own, operate, acquire solar projects in the US, 8point3 had interests in 946 MW of US solar assets at the end of September 2017.
 
As part of the transaction, Capital Dynamics will buy 8point3 General Partner LLC, the general partner of the solar yieldco, along with all the outstanding Class A shares and outstanding common and subordinated units and incentive distribution rights in 8point3 Operating Company LLC, the operating company of 8point3. As a result, the Class A shareholders of 8point3 as well as First Solar and SunPower will be entitled to a cash payment of USD 12.35 per share or per unit, plus a preset daily cash amount that is expected to be generated between December 1, 2017 and the time of closing the acquisition.
 
The transaction, with an enterprise value of about USD 1.7 billion, is expected to be completed in the second or third quarter of 2018. It is subject to certain closing conditions and is pending shareholder and regulatory approval.
 
Source: renewablesnow
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