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8point3 Energy posts flat fiscal Q1 adjusted EBITDA of $13M

8point3 Energy Partners LP on March 28 reported fiscal first-quarter 2018 adjusted EBITDA of $13.1 million, largely flat to the same quarter of fiscal 2017.

Cash available for distribution was up to $18.1 million for the quarter that ended Feb. 28, from $22.1 million a year earlier. The San Jose, Calif.-based partnership recorded reported total operating revenues of $10.9 million for the most recent quarter, compared with $9.9 million in the year-ago period.

8point3 Energy posted fiscal first-quarter 2018 net income attributable to class A shares of $9.9 million, or 35 cents per class A share, compared with $861,000, or 3 cents per class A share, in the same quarter of fiscal 2017.

The partnership will pay a fiscal first-quarter cash distribution of 28.02 cents per class A share on April 13 to shareholders of record April 3.

8point3 Energy, the yieldco created by rival solar companies First Solar Inc. and SunPower Corp., is in the middle of an approximately $1.7 billion acquisition by asset manager Capital Dynamics Inc.

"In relation to our proposed transactions with Capital Dynamics, the process is continuing as we recently filed our preliminary proxy statement with the SEC," said 8point3 Energy CEO Chuck Boynton. "As we announced last quarter, following our sponsors' thorough and comprehensive strategic review process, Capital Dynamics' offer was the most compelling proposal for all shareholders relative to other options, including the option to continue as a stand-alone company."

The partnership is targeting fiscal second-quarter 2018 adjusted EBITDA in the range of $25.5 million and $28 million, cash available for distribution in the range of $13 million to $15.5 million, net income in the range of $5 million to $7.5 million and revenue in the range of $16 million to $18 million.