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

Facebook
Twitter
LinkedIn
Reddit
Email

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.

26 September 2022
The WCPEC is the world’s biggest platform for PV research and development, offering a unique possibility of international exchange by combining the three largest and most prominent international PV conferences: the European PV Solar Energy Conference (EU PVSEC), the Photovoltaic Specialists Conference (IEEE PVSC) and the International PV Science and Engineering Conference (PVSEC). In 2022, Europe has the honour to host the 8th World Conference on Photovoltaic Energy Conversion, interchanging the prestigious EU PVSEC for this year, that is being held annually for more than 40 years. After being in place for more than a quarter of a century, the WCPEC, being held every four years, is firmly established among the global PV community as THE event for the greatest minds and experts in various PV sectors to meet and discuss, to exchange and network! The conference programme is coordinated by the European Commission Joint Research Centre.
27 September 2022
The demand for rooftop solar PV is soaring, driven by falling costs of the technology against energy crises that are gripping countries globally. But while an increasing number of households turn to solar to generate their own electricity, there is now a need for more specialist equipment, technologies and services to ensure the solar transition can reach as many customers as possible. Delivering these is now a major challenge for rooftop solar installers. This webinar will analyse the characteristics of the rooftop solar market, discussing how the products, logistics, installation and servicing of solar systems has evolved in line with consumer demands.
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.
11 October 2022
RE+ Florida returns in 2022. Solar & Energy Storage Florida is now RE+ Florida! This premier event for the Sunshine State will return October 11-12, 2022 in Miami.
11 October 2022
PV CellTech Extra will be held as a series of live webinars and on-demand sessions on 11-13 October 2022. We'll be taking a slightly further forward-looking view at the technologies and roadmaps for new cell architectures set to dominate mass production during 2023-2025 with special emphasis on the potential timelines for technologies beyond the single-junction cell design, including perovskite and hybrid concepts.
13 October 2022
The 2022 ACORE Grid Forum is a one-day event that convenes regulators, renewable, storage and transmission companies, and other leading grid experts in Washington, D.C. Speakers will examine the roles of administrative orders and actions, infrastructure policy, regional and state developments, and private sector strategies on the path to a carbon-free grid.

Read Next

September 23, 2022
India’s government has approved the second round of the production-linked incentive (PLI) scheme to incentivise domestic solar PV module manufacturing.
PV Tech Premium
September 23, 2022
Plans for a temporary revenue cap on solar PV assets across the European Union (EU) could dent investor confidence in renewables, experts have warned, amid concerns that individual member states may be able to set lower caps specific to different technologies.
September 23, 2022
Solar accounted for half of all global power generating capacity added last year, with 182GW deployed, a 25% increase on 2020, according to a report from BloombergNEF (BNEF).
PV Tech Premium
September 23, 2022
Community solar in the US is projected to grow substantially over the next decade and represents a means of expanding access to underserved communities who are being left out of the energy transition. Sean Rai-Roche explores the drivers of community solar and what obstacles need to be overcome to support its rollout.
September 22, 2022
The RE+ tradeshow has been full of hope, excitement but also short-term questions as the industry considers the significance of the IRA.
PV Tech Premium
September 22, 2022
The war in Ukraine, approaching its eighth month, is having an extremely detrimental effect on the country's solar sector.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 27, 2022
15:30 AEST (UTC +10)
Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)