First Solar and Sunpower start IPO of yieldco 8point3
San Jose - 8point3 Energy Partners LP, a limited partnership formed by First Solar, Inc. and Sunpower Corporatio to own and operate a portfolio of selected solar energy generation assets, announced that it has commenced an initial public offering (IPO) of Class A shares representing limited partner interests in 8point3 Energy Partners (the "shares").
8point3 Energy Partners intends to use all of the net proceeds of the IPO to purchase the common units of 8point3 Operating Company, LLC ("8point3 Operating Company"), the entity that holds 8point3 Energy Partners' project assets. 8point3 Operating Company intends to use the proceeds from the sale of its common units (i) to make a cash distribution to each of First Solar and SunPower and (ii) for general corporate purposes, including to fund future acquisition opportunities. Goldman, Sachs & Co. and Citigroup Global Markets Inc. are acting as lead book running managers for the IPO. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Credit Agricole Securities (USA) Inc. are acting as joint book-running managers for the IPO. The proposed offering will be made only by means of a prospectus.
Source: IWR Online, 11 Jun 2015