Solar yieldco 8point3 posts higher-than-expected Q1 CAFD
Apr 7, 2016 11:10 CEST
April 7 – US solar power yieldco 8point3 Energy Partners LP (NASDAQ:CAFD) saw its cash available for distribution (CAFD) in the fiscal first quarter exceed its guidance by USD 3 million, reaching USD 18.3 million (EUR 16m).
For comparison, the company reported CAFD of USD 16.3 million for the preceding fiscal quarter, ended on November 30, 2015.
The company is a joint venture between US solar majors First Solar Inc (NASDAQ:FSLR) and SunPower (NASDAQ:SPWR). It completed its initial public offering (IPO) on June 24 and changed its fiscal year end to November 30.
For the three months ended February 29, 2016, the company posted a net loss of USD 7.1 million and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 7.7 million. Revenue amounted to USD 7.1 million.
As of the end of February, the portfolio of the yieldco included 432 MW of solar parks, excluding its recently-purchased 20-MW Kern County project and two assets bought from its parents last week.
For the March-May quarter of fiscal 2016, 8point3 forecasts CAFD of between USD 6 million and USD 7.5 million and a net loss of USD 2 million-0.5 million. The yieldco also guided for adjusted EBITDA of USD 14.5 million-16 million and revenue of USD 11 million-12 million.
On April 14, the company will distribute a first-quarter dividend for its Class A shares of USD 0.2246 per share. For the second quarter, it guides for a dividend increase of 3.5% to USD 0.232 apiece.
(USD 1.0 = EUR 0.878)
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