8point3 Energy Partners LP (NASDAQ: CAFD) today announced the pricing of an underwritten public offering of 7,000,000 Class A shares representing limited partner interests, at a public offering price of $14.65 per Class A share. The total gross proceeds (before the underwriters’ discount and offering expenses) will be approximately $102.6 million. In connection with the offering, 8point3 Energy Partners granted the underwriters a 30-day option to purchase up to an additional 1,050,000 Class A shares. The offering is expected to close on September 28, 2016, subject to certain closing conditions.
8point3 Energy Partners expects to use the net proceeds from this offering to purchase 7,000,000 common units of 8point3 Operating Company, LLC (“8point3 Operating Company”), the entity that holds 8point3 Energy Partners’ project assets. 8point3 Operating Company intends to use the proceeds from the sale of its common units to fund a portion of the purchase price of the previously announced acquisition of a 49 percent interest in the Henrietta Project, a substantially completed, 102 MW photovoltaic solar generating facility located in Kings County, California (the “Henrietta Acquisition”). This offering is not contingent upon the closing of the Henrietta Acquisition.
The Class A shares are being offered and will be sold pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (SEC). This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such states. The offering is being made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.