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8point3 Energy acquires stake in 90 MW of solar plants from sponsors


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8point3 Energy acquires stake in 90 MW of solar plants from sponsors

8point3 EnergyPartners LP on April 1 announced the acquisition of a in 90 MW of solarprojects from SunPower Corp.and First Solar Inc.

The projects involved in the deals are the 50-MW in San Luis Valley, Colo.,and 40-MW Kingbird in Kern County, Calif. FERC has already the acquisitions, which areexpected to generate about $9 million in combined annual pretax cash flow.

8point3 Energy, a yieldco formed by First Solar andSunPower, has completed the Kingbird transaction and it was expecting to closethe Hooper transaction April 1, according to a company release.

"[The] acquisitions continue our long-term strategy ofadding high quality solar projects with investment grade off-takers to ourportfolio," CEO Chuck Boynton said."These transactions, along with our purchase of the Kern County SchoolDistrict project in January, should enable us to achieve our targeted annualdistribution growth rate of 12%-15% through the end of 2017 without additionalproject acquisitions."

Hooper went online in December 2015 and sells power toXcel Energy Inc.under a 20-year contract.

The planned KingbirdA and Kingbird Bare expected to be energized in May and sell their power under 20-yearcontracts with membercities of the Southern California Public Power Authority and the city ofPasadena, Calif.

In addition, 8point3 Energy said it agreed to waive itsright of first offer, or ROFO, on a portion of First Solar's interest in the300-MW Statelineproject and add the 179-MW Switchstation project in Nevada to the ROFO portfolio.

First Solar also is expected to offer the remaining roughly35% stake in the Stateline project to the partnership at the end of 2016 or thefirst half of 2017.