8point3 Energy Partners to acquire interest in 90MW of projects from SunPower and First Solar

Facebook
Twitter
LinkedIn
Reddit
Email
Construction of First Solar’s Kingbird Project, in Kern County, California, is expected to be complete next month. Credit: First Solar

8point3 Energy Partners, the yieldco company formed by SunPower and First Solar, has signed agreements to acquire interest in the 50MW Hooper Project from SunPower and the 40MW Kingbird Project from First Solar. 

These drop-down acquisitions are expected to generate roughly US$9 million in combined annual pre-tax cash flow. They also have a 20-year average contract life.

SunPower’s Hooper Project is situated in Colorado's San Luis Valley and started operations in December 2015 with utility Xcel energy purchasing the power generated via a 20-year power purchase agreement (PPA).

Construction of First Solar’s Kingbird Project, in Kern County, California, is expected to be complete next month. Power generated by the project will be sold to member cities of the Southern California Public Power Authority and the City of Pasadena under separate 20-year PPAs.

Chuck Boynton, chief executive of 8point3 Energy Partners, said: “We're pleased to announce our second and third drop-down transactions today. These acquisitions continue our long-term strategy of adding high quality solar projects with investment grade off-takers to our portfolio.

“These transactions, along with our purchase of the Kern County School District project in January, should enable us to achieve our targeted annual distribution growth rate of 12-15% through the end of 2017 without additional project acquisitions.”

Read Next

August 9, 2022
Renewables developer and operator Leeward Renewable Energy (LRE) has started the construction of a 196MW solar PV plant in London, Ohio.
August 4, 2022
The Biden administration has launched a US$26 million fund project to demonstrate the US electricity grid can reliably run on renewables.
August 3, 2022
A continued demand from Americans for rooftop solar has led SunPower to add a record all time high of 19,700 customers in Q2 2022.
August 2, 2022
US developer, owner and asset manager Longroad Energy has secured a US$500 million equity investment to support its business model shift from a “develop to sale” strategy to the ownership of renewable projects in the US.
August 1, 2022
US thin film manufacturer First Solar has landed an agreement to supply 2.4GW of its thin film PV modules to US renewables developer Intersect Power, making the company become one of the largest users of First Solar products.
July 29, 2022
Thin-film module manufacturer First Solar will consider expanding its production footprint in the US if proposed legislation that includes manufacturing credits becomes law, the company’s CEO has said.

Subscribe to Newsletter

Upcoming Events

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