First Solar to Review Alternatives for the Sale of Its Interests in 8point3 Energy Partners
April 05 2017 - 4:05PM
Business Wire
- Seeks to fully align resources and
capital in support of transition to Series 6 offering
- Remains firmly committed to
utility-scale project development business
First Solar, Inc. (Nasdaq: FSLR) announced today that it,
working together with its financial and legal advisors, is
reviewing alternatives for the sale of its interests in 8point3
Energy Partners. First Solar will coordinate this review with its
partner SunPower.
In recent months, First Solar has taken actions to strategically
align the company’s resources and capital in support of its
transition to its new Series 6 product offering.
As a continuation of these efforts, First Solar is exploring
options for the sale of its interests in 8point3 in order to
refocus resources on Series 6 objectives and allow for faster
recycling of systems business capital. This capital would support
the planned transition to Series 6 production and provide
additional funding for the expected deployment of multiple
gigawatts of Series 6 capacity over the next several years. First
Solar intends to accelerate the return of capital from its systems
business by selling projects earlier in the construction phase.
This includes the California Flats and Cuyama projects, which have
been formally offered to 8point3. If 8point3 is unable to acquire
these projects, First Solar expects to sell these projects to third
parties.
“We remain committed to developing, constructing and selling
utility-scale solar power plants,” said Mark Widmar, CEO of First
Solar. “Series 6 has the potential to be a transformational product
and provide attractive returns to our shareholders. As we
accelerate the cash conversion cycle from our systems business, we
will further enable this important transition in our business. We
want to thank SunPower for their partnership in forming 8point3,
which has a portfolio of high quality solar assets and proven
operating performance. We look forward to working cooperatively
with them through this process.”
The consideration of a potential sale of its interests in
8point3 by First Solar is at a preliminary stage and may not result
in any transaction being proposed or, even if proposed,
consummated. First Solar does not intend to disclose further
developments with respect to this evaluation process except to the
extent a specific course of action is approved, the process is
concluded or it is required by law or otherwise deemed appropriate.
The First Solar-appointed directors and officers of the general
partner of 8point3 Energy Partners LP remain committed to prudently
managing 8point3 throughout this evaluation process.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive
photovoltaic (“PV”) solar systems which use its advanced module and
system technology. The Company's integrated power plant solutions
deliver an economically attractive alternative to fossil-fuel
electricity generation today. From raw material sourcing through
end-of-life module recycling, First Solar's renewable energy
systems protect and enhance the environment. For more information
about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made
pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements, among other things, concerning: effects
resulting from certain module manufacturing changes and associated
restructuring activities; our business strategy, including
anticipated trends and developments in and management plans for our
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results, operating results, revenues, gross margin, operating
expenses, products, projected costs (including estimated future
module collection and recycling costs), warranties, solar module
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reliability, investments in unconsolidated affiliates and capital
expenditures; our ability to continue to reduce the cost per watt
of our solar modules; our ability to reduce the costs to construct
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ability to improve the conversion efficiency of our solar modules;
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version on businesswire.com: http://www.businesswire.com/news/home/20170405006212/en/
First Solar InvestorsSteve Haymore+1
602-414-9315stephen.haymore@firstsolar.comorFirst Solar MediaSteve
Krum+1 602-427-3359steve.krum@firstsolar.com
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