First Solar and SunPower’s joint yieldco vehicle has commenced its initial public offering.
The new company, 8point3 Energy Partners, will raise US$380-420 million with 20 million shares priced between US$19-21. A further three million shares will be offered to the underwriters. The total offering could be worth as much as US$483 million.
The NASDAQ listed firm will use the proceeds to invest in solar projects developed by SunPower and FirstSolar.
The initial projects will total 432MW including 39MW of residential installs. All are in the US. A further 1.14GW of right of first refusal projects are in place, according to the prospectus filed with the SEC.
According to the prospectus, 8Point3 is evaluating the possibility of buying projects in Australia, Canada, France, Germany, Mexico and the United Kingdom.