SAN JOSE, Calif., Nov. 14, 2016 8point3 Energy Partners
(NASDAQ: CAFD) today announced that it has entered into an
agreement to acquire First Solar's (NASDAQ: FSLR) 34 percent stake
in its 300-megawatt (MW) Stateline solar project for $329.5 million.
"Consistent with our long-term strategy of acquiring high
quality solar projects from our sponsors, we are pleased to add
First Solar's 34 percent minority interest in Stateline to our
diversified portfolio," said Chuck
Boynton, CEO of 8point3 Energy Partners. "With the expected
acquisition of Stateline, our portfolio will grow to interests in
937MW of solar projects."
The project is expected to generate approximately $32 million in average annual pre-tax cash
distributions and has a 20 year contract life.
The transaction is subject to customary closing conditions and
is expected to close on or about December 1,
2016. The partnership expects to fund the acquisition
through some combination of cash on hand, a promissory note and
borrowings under its existing credit facility.
Located in San Bernardino
County, the Stateline project commenced operations in
August 2016. The project is majority
owned by Southern Company. Southern California Edison is purchasing
the power generated by the project under a 20 year power purchase
agreement.
About 8point3 Energy Partners
8point3 Energy Partners LP (NASDAQ: CAFD) is a growth-oriented
limited partnership formed by First Solar, Inc. and SunPower Corp.
to own, operate and acquire solar energy generation projects.
8point3 Energy Partners' primary objective is to generate
predictable cash distributions that grow at a sustainable rate. The
partnership owns interests in projects in the United States that generate long-term
contracted cash flows and serve utility, commercial and residential
customers. For more information about 8point3 Energy Partners,
please visit: www.8point3energypartners.com.
For 8point3 Energy Partners Investors
This press
release includes various "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are, or may
be deemed to be, forward-looking statements. Forward-looking
statements are statements of future expectations that are based on
management's current expectations and assumptions and involve known
and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those
expressed or implied in these statements. Forward-looking
statements include, among other things, statements expressing
management's expectations, beliefs, estimates, forecasts,
projections and assumptions. You can identify our forward-looking
statements by words such as "anticipate", "believe", "estimate",
"expect", "forecast", "goals", "objectives", "outlook", "intend",
"plan", "predict", "project", "risks", "schedule", "seek",
"target", "could", "may", "will", "should" or "would" or other
similar expressions that convey the uncertainty of future events or
outcomes. In accordance with "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995, these statements
are accompanied by cautionary language identifying important
factors, though not necessarily all such factors, which could cause
future outcomes to differ materially from those set forth in
forward-looking statements. In particular, expressed or implied
statements concerning the expectations of plans, strategies,
objectives and growth and anticipated financial and operational
performance of the partnership and its subsidiaries, including
guidance regarding the partnership's revenue, adjusted EBITDA, cash
available for distribution and distributions, other future actions,
conditions or events such as the projected commercial operation
dates of projects, future operating results or the ability to
generate sales, income or cash flow or to make distributions are
forward-looking statements. Forward-looking statements are not
guarantees of performance. They involve risks, uncertainties and
assumptions. Future actions, conditions or events and future
results of operations may differ materially from those expressed in
these forward-looking statements. Forward-looking statements speak
only as of the date of this press release, November 14, 2016, and we disclaim any obligation
to update such statements for any reason, except as required by
law. All forward-looking statements contained in this press release
are expressly qualified in their entirety by the cautionary
statements contained or referred to in this paragraph. Many of the
factors that will determine these results are beyond our ability to
control or predict. These factors include the risk factors
described under "Risk Factors" in the partnership's Transition
Report on Form 10-K for the transition period from December 28, 2014 to November 30, 2015, filed with the Securities and
Exchange Commission on January 28,
2016. If any of those risks occur, it could cause our actual
results to differ materially from those contained in any
forward-looking statement. Because of these risks and
uncertainties, you should not place undue reliance on any
forward-looking statement.
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SOURCE 8point3 Energy Partners