First Solar/SunPower yieldco defies market gloom with upbeat Q3 results

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The joint First Solar/SunPower yieldco, 8point3 Energy Partners, has reported solid results from its first full quarter of operation, despite the recent stock market turmoil affecting other yieldcos.

8point3, which closed its IPO in June, reported third-quarter revenue of US$3.1 million, net income of US$1.3 million and EBITDA of US$9.7 million.

The yieldco said it had 301MW of projects already in production with another 131MW due to reach commercial operation at the end of the year, including the 108MW Quinto plan in the US, which is expected online by the end of October.

“Once our initial portfolio reaches commercial operation this year, our assets are expected to generate approximately US$70 million in annual CAFD [cash available for distribution] with an approximately 22-year average remaining contract term,” said the company’s CEO, Chuck Boynton.

“With a diversified solar asset portfolio across both the utility and distributed generation markets, an identified Right of First Offer portfolio of more than 1,100MW and strong pipeline development efforts from our joint sponsors, we are well positioned to achieve our sustainable, targeted growth rates.”

Despite 8point3’s solid start, its stock price has declined by around 35% since its IPO, reflecting what has been a similarly difficult few months for other yieldcos. Falling oil prices and the looming investment tax credit sunset in the US are among the factors blamed for contributing to a generally challenging time for yieldcos. The Global Yieldco Index launched earlier this year has been on an almost coninuous downward trajectory over the past three months, falling by around 32% since its inception.

Acknowledging the predicament of other yieldcos, 8point3’s CFO Mark Widmar, was nonetheless positive about the prospects for his company.

“While the yieldco capital market has experienced recent disruption, we feel that with our differentiated model, predictable cash flows from high quality solar assets, a conservative capital structure and significant liquidity, we remain positioned to drive long-term sustainable growth for our shareholders,” Widmar said.

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