SunPower and First Solar to collectively sell yieldco

Facebook
Twitter
LinkedIn
Reddit
Email
US-headquartered PV manufacturers SunPower and First Solar are expected to collectively sell their stakes in their joint venture yieldco, 8point3 Energy Partners. Image: SunPower

US-headquartered PV manufacturers SunPower and First Solar are expected to collectively sell their stakes in their joint venture yieldco, 8point3 Energy Partners.

Initially, First Solar had announced plans to sell its stake in the yieldco in May, 2017 as it sought to recoup its investment and boost its balance sheet during the time of heavy capital expenditure requirements with the manufacturing migration from its Series 4 CdTe thin-film modules to its large-area Series 6 module format. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

During SunPower’s second quarter earnings call, management noted that its own assessment of attracting a new investor to replace First Solar had led to the realization that the demand from potential investors centred on purchasing the yieldco in its entirety. 

Thomas H. Werner, CEO of SunPower said, “So the feedback from the market, and again, this is SunPower as a sponsor or an investor talking, not 8point3 talking. But the feedback from the market overwhelmingly was to buy out SunPower and First Solar or buy out the whole company, not to replace First Solar. And based on the feedback from the market, we've decided to take that option off the table and no longer seek a replacement partner for First Solar. And that's just simply based on the feedback that we've received.”

SunPower also highlighted its strategy to return to profitability in 2018 through becoming a more streamlined business and have less complex accounting with greater transparency would benefit by selling the yieldco. The sale of 8point3 would also mean the company could retire a convertible bond due in 2018, limiting shareholder dilution.

The company has a convertible bond of US$300.0 million, due June 1, 2018, which parent company Total holds US$200 million. SunPower noted in financial filings that it would find it difficult to retire the bond, due to lack of liquidity. 

The company also noted that it was looking at selling the majority of its residential rooftop solar leases (400MW) as part of that strategy. 

Read Next

September 17, 2025
Spanish renewables developer and operator Acciona Energía has commissioned its 412MWp Juna solar PV plant in Kawani village in the western state of Rajasthan. 
September 17, 2025
Nexamp has secured US$350 million through a long-term financing facility to expand its 6GW utility-scale solar and battery storage pipeline in the US. 
September 17, 2025
QatarEnergy has signed an EPC agreement with Samsung C&T for its 2GW Dukhan project. 
September 16, 2025
Sunotec has launched Sunotec Nordic to spearhead solar and hybrid renewable project development across the Nordic region.
September 16, 2025
IB Solar is investing INR30 billion (US$340 million) in a 4GW TOPCon solar cell and module manufacturing plant in Jewar, Uttar Pradesh.
September 15, 2025
Sunrun has priced a securitisation of leases and power purchase agreements, taking its non-recourse debt capital raised in Q3 above US$1.5 billion. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA