SunPower Corp. has sold its 49% stake in the 100-MW Boulder Solar 1 in Nevada to New Energy Solar Ltd. for $55 million.
The solar facility designed and developed by SunPower sells its output and renewable energy credits to Berkshire Hathaway Energy subsidiary NV Energy Inc. under a 20-year power purchase agreement.
At deal completion, New Energy Solar said it will own interests in a diversified 350-MW portfolio of operational solar projects. The Boulder 1 project is expected to generate a five-year average gross yield of approximately 6.6% annually, according to a news release. New Energy Solar owns a pipeline of projects in the U.S. and Australia, and trades on the Australian Securities Exchange.
"Boulder is an asset that operates well, employs top-tier technology, has a 20-year PPA with a creditworthy counterparty and will be a valuable contributor to returns for our investors," New Energy Solar's U.S.-based Executive Director Tom Kline said in a news release.
Southern Power Co. in November 2016 acquired a 51% stake in Boulder 1. The Southern Co. subsidiary will provide asset management services and SunPower will handle operations and maintenance services.
The Boulder 1 project was subject to a right-of-first-offer agreement between 8point3 Operating Co. LLC and SunPower. According to a separate Feb. 16 filing, the 8point3 Energy Partners LP subsidiary waived its rights to Boulder 1, freeing SunPower to negotiate the sale of the asset.