SunPower, First Solar file prospectus for new ‘yieldco’ vehicle

First Solar (NASDAQ: FSLR) and SunPower Corp. (NASDAQ: SPWR) announced March 10 that 8point3 Energy Partners LP, a limited partnership formed by First Solar and SunPower to own and operate a portfolio of selected solar generation assets, has filed a Registration Statement on Form S-1 with the Securities and Exchange Commission for an initial public offering.

This IPO would be of Class A shares representing limited partner interests in 8point3 Energy Partners. The number of shares to be offered and the initial public offering price of the shares have not yet been determined. 8point3 Energy Partners will apply to list the shares on the NASDAQ Global Market.

Goldman, Sachs & Co. and Citigroup will act as lead book running managers for the IPO. The Registration Statement relating to the shares has been filed with the SEC but has not yet become effective. Completion of the IPO is subject to the execution of definitive documentation, each party’s board approval, and regulatory approval and there can be no assurance that the IPO or any other transaction will occur.

First Solar is a leading global provider of comprehensive photovoltaic solar systems, which use its advanced module and system technology. First Solar’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation.   

SunPower designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Headquartered in San Jose, Calif., SunPower has offices in North and South America, Europe, Australia, Africa and Asia.

Said the March 10 SEC filing: “We are a growth-oriented limited partnership formed by First Solar and SunPower to own, operate and acquire solar energy generation projects. Upon completion of this offering, our Initial Portfolio, which we will acquire from our Sponsors, will have interests in 432 MW of solar energy projects. Our primary objective is to generate predictable cash distributions that grow at a sustainable rate. We intend to achieve this objective by acquiring high-quality solar assets primarily developed by our Sponsors that generate long-term contracted cash flows and serve utility, commercial and industrial, or C&I, and residential customers in the United States and other select markets, primarily within the countries that comprise the Organization for Economic Co-operation and Development, or the OECD.”

The initial portfolio includes these utility-scale projects:

  • Maryland Solar, Maryland, commercial operation in February 2014, 20 MW (ac), 100% held by First Solar, counter-party is FirstEnergy Solutions;
  • Solar Gen 2, California, commercial in November 2014, 150 MW (ac), 49% held by First Solar, counter-party is San Diego Gas & Electric;
  • Lost Hills/Blackwell, California, commercial in April 2015, 32 MW (ac), 49% held by First Solar, counterparties are City of Roseville/Pacific Gas and Electric;
  • North Star, California, commercial in June 2015, 60 MW (ac), 49% held by First Solar, counter-party is Pacific Gas and Electric;
  • RPU, California, commercial in September 2015, 7 MW (ac), 100% held by SunPower, counter-party is City of Riverside; and
  • Quinto, California, commercial in October 2015, 108 MW (ac), 100% held by SunPower, counter-party is Southern California Edison.

The C&I projects include:

  • UC Davis, California, commercial in September 2015, 13 MW (ac), 100% held by SunPower, counter-party is University of California; and
  • Macy’s, California, commercial in November 2015, 3 MW (ac), 100% held by SunPower, counter-party is Macy’s Corporate Services.

The Residential Portfolio is made up of various projects in the U.S. involving 5,900 homeowners, due for commercial operation in June 2014 with a total of 39 MW (ac), with the projects now held 100% by SunPower.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.