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SunPower's 2Q15 Earnings Marked by Birth of 8point3 Energy (Continued from Prior Part) 8point3 Energy initial public offering
8point3 Energy (CAFD), the yieldco that’s jointly sponsored by SunPower (SPWR) and FirstSolar (FSLR), raised $420 million in an IPO (initial public offering) completed on June 18 on the NASDAQ. CAFD sold 20 million shares at $21 each during the IPO.
Asset transfer to the yieldco
During 2Q15, SunPower (SPWR) transferred 170 MW (megawatts) of solar assets to 8point3 Energy (CAFD) and received proceeds of $371 million ($341.2 million in net proceeds). SPWR has a 50% stake in the 8point3 Holding company. The remainder lies with FirstSolar (FSLR) and other shareholders.
ROFO projects
Aside from the initial portfolio, SunPower has a ROFO (right of first offer) agreement with CAFD. According to the agreement, SunPower will have to offer affected projects for sale to CAFD first, before approaching third parties. SunPower’s 128 MW (megawatt) Henrietta Solar Power project and 60 MW Hooper Solar Project are part of the ROFO agreement. The first project is located in California, and the second is based in Colorado. Both projects are expected to be completed in 2016.
SunPower (SPWR) is also expected to contribute solar (TAN) projects under advanced development in Chile, Japan, and the US to 8point3 Energy.
TerraForm Power (TERP), NextEra Energy Partners (NEP), and NRG Yield (NYLD) are some other yieldcos with presence in the solar space.
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First Solar is based in United states of america. First Solar is listed in Germany and in United States of America. Its market capitalisation is US$ 22.1 billions as of today (€ 20.2 billions). Its stock quote reached its lowest recent point on June 11, 2010 at US$ 100.19, and its highest recent level on October 11, 2024 at US$ 211.49. First Solar has 104 270 000 shares outstanding. |