June 21 (Renewables Now) - SunPower Corp (NASDAQ:SPWR) and First Solar Inc (NASDAQ:FSLR) have finalised the sale of their stakes in renewables yieldco 8point3 Energy Partners LP (NASDAQ:CAFD) to an equity fund managed by Capital Dynamics Inc.
US solar company SunPower announced in a filing with the US Securities and Exchange Commission (SEC) that it has received cash proceeds of about USD 360 million (EUR 311m) for its stake in the yieldco. It is using the funds to fully repay the sum borrowed by SunPower HoldCo LLC from Credit Agricole Corporate and Investment Bank as part of a credit agreement on May 22, 2018.
Separately, thin-film modules manufacturer First Solar said it has received around USD 240 million in cash from the stake sale. It also added it has repaid the outstanding balance on the promissory note it got as part of the consideration for the sale of its remaining 34% interest in the 300-MW Desert Stateline solar project in California to an affiliate of 8point3.
The yieldco that was sold to asset manager Capital Dynamics was created to own, operate and acquire solar projects in the US. At the end of February 2018, 8point3’s portfolio consisted of interests in 946 MW of solar power projects, all of which are operational.
Following the sale, 8point3’s Class A shares will no longer trade on the NASDAQ stock exchange.
(USD 1.0 = EUR 0.866)