8point3 agrees drop-down of 90 MW of US solar plants
Apr 1, 2016 15:52 CEST
April 1 – US solar power yieldco 8point3 Energy Partners LP (NASDAQ:CAFD) said today it has struck deals to acquire 90 MW of solar parks from its two parent companies, First Solar Inc (NASDAQ:FSLR) and SunPower (NASDAQ:SPWR).
As part of its second and third drop-down transactions, 8point3 will buy the 50-MW Hooper plant in Colorado from SunPower and the 40-MW Kingbird facility in California from First Solar. The first drop-down was agreed in January, when the joint venture company and financial services firm Wells Fargo & Company (NYSE:WFC) said they had acquired certain solar carports in California totalling 22 MW in direct current (DC).
The 50-MW Hooper solar park commenced operations in December 2015 and is now selling its output to Xcel Energy under a 20-year contract. The plant’s transfer to 8point3 is expected to be concluded today.
The 40-MW Kingbird project, in turn, is seen to become operational next month. The electricity generated by it will be sold to member cities of the Southern California Public Power Authority and the City of Pasadena for a period of 20 years.
Also today, 8point3 said it has made certain adjustments to its Right of First Offer (ROFO) portfolio. Those include waiving the JV’s right of first offer on a portion of First Solar’s interest in the 300-MW Stateline project so that 8point3 will be offered only a 35% stake in late 2016 or early 2017. Also, it has added First Solar’s 179-MW Switch Station project to that portfolio.
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