Home Americas SunPower to Sell Stake in Solar Farm to Its 8Point3 Yieldco
SunPower to Sell Stake in Solar Farm to Its 8Point3 Yieldco

SunPower to Sell Stake in Solar Farm to Its 8Point3 Yieldco

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SunPower Corp. agreed to sell its 49 percent stake in a 102-megawatt solar farm in California to 8Point3 Energy Partners LP, a yieldco it co-founded with fellow manufacturer First Solar Inc. 8point3 also raised revenue guidance for 2016.

The yieldco agreed to pay $134 million for the stake in the Henrietta project in San Luis Valley, San Jose, California-based 8Point3 said in a statement Tuesday. It expects to close the deal this month.

8Point3 plans to fund the acquisition through a combination of cash on hand, borrowings under its existing credit facility and issuing additional equity, according to a separate statement Tuesday. That credit facility may soon be enlarged; 8Point3 said a group of banks committed to funding a $250 million increase to the existing credit facility, including a combined $150 million from Bank of America Corp. and Wells Fargo & Co.

Michael Morosi, an analyst at Avondale Partners LLC in Nashville, said in a research note Wednesday that he foresees a $100 million to $150 million equity offering.

source-bloombergquint

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Anand Gupta Editor - EQ Int'l Media Network

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