Yieldco 8point3 Energy Partners has entered into an agreement with SunPower to acquire a 49% stake in Pacific Gas & Electric’s 102MW Henrietta solar project for US$134 million.

The acquisition is expected to generate around US$10.9 million in annual cash distributions over its 20-year contract lifespan, and will be funded via cash, credit facility borrowings and additional equity.

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The project, located in California’s San Luis Valley is scheduled to begin commercial operations in October 2016. The transaction is subject to a financing condition and other customary closing conditions, but is expected to close by 30 September 2016.

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