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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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

August 8, 2025
This week several solar developers have raised funds for projects around the world, including BRUC in Europe, Greenalia in the US, Qair in Mauritius and CREC in Philippines.
August 8, 2025
German renewable energy developer ib vogt has officially broken ground on a 99MWp solar PV power plant in South Cotabato, the Philippines.
August 7, 2025
US-based floating solar (FPV) developer D3Energy is constructing a 6MW floating solar system in Monroeville – a village in Huron County, Ohio. 
August 7, 2025
Infinity Power has signed two concession agreements with the Government of Côte d'Ivoire for PV projects with a total capacity of 80MWac.
Premium
August 7, 2025
July 2025, the peak of the Australian winter season, saw generation from utility-scale and rooftop solar increase by 12.78% year-on-year in the National Electricity Market (NEM).
August 7, 2025
Despite severe flooding in the Waiotahe Valley in New Zealand, Lodestone Energy has confirmed that its 42MW Te Herenga o Te Rā solar PV power plant has continued operations.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
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