8point3 Energy not planning solar power plant purchases from First Solar and SunPower in 1H 2017


8Point3 Energy Partners the yieldco of First Solar and SunPower said it did not plan to acquire further PV power plant projects from its parent companies in the first half of 2017, after recent acquisitions that took its portfolio to 942MW.

The yieldco also noted that First Solar and SunPower has proposed to remove the 100MW El Pelicano project and the 179MW Switch Station project from the right of first offer (ROFO) portfolio as the partnership would likely not acquire the projects during its 2017 fiscal year.  

Both projects are expected to be completed and grid connected in mid-2017. Management at 8point3 indicated that under its current revenue and planned CAFD (Cash Available for Distribution) to investors the current portfolio was sufficient to meet distribution requirements of 12%.

“We continued to benefit from our high-quality solar portfolio as we met or exceeded most key financial metrics for the quarter while increasing our distribution rate for the sixth quarter in a row,” said Chuck Boynton, 8point3 Energy Partners CEO. “As of the end of November, our portfolio consisted of interests in 642-megawatts (MW) of U.S. solar generating assets including the acquisition of SunPower's 49 percent minority interest in its 102-MW Henrietta project that we completed during the quarter. Also, we were pleased to close the acquisition of First Solar's 34 percent minority interest in its 300-MW Stateline project on December 1, 2016 which brings our total portfolio to interests in 942-MW of assets as of today. The Henrietta and Stateline projects are expected to generate approximately $11 million and $32 million in annual cash distributions respectively and both have 20 year contract lives.”

Financial results

8point3 reported fourth fiscal quarter ended November 30, 2016 that generated revenue of US$14.5 million, net income of US$4.2 million, adjusted EBITDA of US$18.3 million and cash available for distribution (CAFD) of US$20.4 million.

The yieldco guided first quarter 2017 revenue of US$9.3 million to US$9.8 million, with a net loss of US$6.4 million to US$5.6 million.  EBITDA is expected to be in range of US$11.8 million to US$12.6 million and CAFD in the range of US$19.8 million to US$20.3 million.

Total fiscal year revenue was guided to be in the range of US$63.3 million to US$66.7 million with a net income of US$27.0 million to US$32.6 million
Adjusted EBITDA of US$106.5 million to US$113.1 million was also guided along with CAFD of US$91.5 million to US$101.0 million.  The distribution growth rate is expected to be 12% for fiscal year 2017.

15 September 2022
Bifacial PV modules will be the dominant solar PV technology globally within one or two years; in the utility-scale sector, their market share is already above 70%. This webinar will provide a clear view on the successful implementation of bifacial technology, maximizing system performance and minimising LCoE.

Read Next

August 11, 2022
Finlay Colville, Solar Media's head of market research, lays out the UK's path to achieving 40GW+ of solar PV by 2030 after rebounding from recent headwinds in its solar sector
August 10, 2022
OMERS Private Equity has acquired a minority stake in the Arizona-headquartered solar operations & maintenance (O&M) provider NovaSource Power Services.
August 9, 2022
The Public Service Commission of the District of Columbia (DCPSC) has approved a 15-year power purchase agreement (PPA) with renewables developer Invenergy for 73MW of solar power to meet a 5% renewables target for district’s default electricity supply.
August 8, 2022
India deployed 8,359MW of solar PV in the first half of the year, marking a significant increase of 71% compared to the same period last year
August 8, 2022
Energy technology company AES Corporation is still on track to reach its target of 4.5-5.5GW in long-term renewables and energy storage contracts in 2022, having already signed 1,618MW in the year to date, according the firm’s Q2 financial report.
August 3, 2022
Tata Power subsidiary Tata Power Green Energy has commissioned a 225MW hybrid wind and solar project in the Indian solar hotbed state of Rajasthan.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event