8point3 generates USD 6.7m of cash for distribution in fiscal Q3
Solar park in California equipped by First Solar. Author: Russ Ferriday. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
8point3 Energy Partners LP (NASDAQ:CAFD) on Wednesday reported generated cash available for distribution (CAFD) of USD 6.7 million (EUR 6m) and a net profit of USD 1.3 million for its first quarter as a public company.
The joint yieldco of US solar majors First Solar Inc (NASDAQ:FSLR) and SunPower (NASDAQ:SPWR) completed its initial public offering (IPO) on June 24 and has changed its fiscal year end to November 30. Earnings per share in its third fiscal quarter through August were USD 0.05.
Chief executive Chuck Boynton said the firm had achieved its initial expected CAFD and financial goals for the quarter and was well positioned to meet its targeted growth rates. 8point3 declared a third-quarter distribution of USD 0.157 per share, the prorated minimum quarterly distribution for the post-IPO period. It guided for a fourth-quarter distribution of about USD 0.22, which would represent a 3.5% increase to the non-prorated third-quarter payout. Fourth-quarter CAFD is seen at between USD 14.8 million and USD 15.2 million.
For the June-August period, the company booked adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 9.7 million and revenue of USD 3.1 million. For the fourth quarter it expects adjusted EBITDA of USD 9.3 million to USD 9.5 million and revenue of USD 4.9 to USD 5.1 million.
8point3 had 301 MW of solar assets in operation at the end of the period and expects a further 131 MW to come online in the fourth quarter. "Once our initial portfolio reaches commercial operation this year, our assets are expected to generate approximately $70 million in annual CAFD with an approximately 22-year average remaining contract term," said Boynton.
In the three months to September 28, 2014, the firm made a net loss of USD 2.8 million on revenue of USD 2.3 million.