8point3 Energy Partners LP, a YieldCo Formed by First Solar, Inc. and SunPower Corporation, Announces Commencement of its Initial Public Offering
SAN JOSE, Calif., June 10, 2015 -- 8point3 Energy Partners LP ("8point3 Energy Partners"), a limited partnership formed by First Solar, Inc. ("First Solar") (NASDAQ: FSLR) and SunPower Corporation ("SunPower") (NASDAQ: SPWR) to own and operate a portfolio of selected solar energy generation assets, announced today that it has commenced an initial public offering (the "IPO") of Class A shares representing limited partner interests in 8point3 Energy Partners (the "shares"). 8point3 Energy Partners is offering 20,000,000 shares to the public. In addition, the underwriters have a 30-day option to purchase up to an additional 3,000,000 shares from 8point3 Energy Partners at the IPO price, less the underwriting discount. The IPO price is currently expected to be between $19.00 and $21.00 per share. The shares are expected to be listed on the NASDAQ Global Market under the symbol "CAFD."
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. When available, copies of the preliminary prospectus related to the IPO may be obtained from: Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282 or by emailing firstname.lastname@example.org; or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone 800-831-9146.
The registration statement relating to the securities has been filed with the Securities and Exchange Commission (the "SEC"), but has not yet become effective. The securities may not be sold nor may offers to buy the shares be accepted prior to the time when the registration statement becomes effective. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About 8point3 Energy Partners
8point3 Energy Partners is a growth-oriented limited partnership formed by First Solar and SunPower 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. 8point3 Energy Partners intends to achieve this objective by acquiring high-quality solar assets primarily developed by First Solar and SunPower that generate long-term contracted cash flows and serve utility, commercial and industrial and residential customers in the United States and other select markets, primarily within the countries that comprise the Organization for Economic Co-operation and Development.
This news release includes forward-looking statements. Actual events and results may differ materially from those projected. The statements in this news release regarding the IPO, the use of proceeds thereof, and other statements that are not historical facts, are forward-looking statements. Each forward-looking statement in this release speaks only as of the date of this release. Factors that could cause actual events and results to differ materially from those projected by forward-looking statements include the inability to satisfy closing conditions of the IPO and related transactions, the failure to obtain applicable regulatory approvals, unfavorable market conditions, either First Solar or SunPower exercising its termination rights under the master formation agreement related to 8point3 Energy Partners and other factors discussed in the registration statement relating to the IPO filed by 8point3 Energy Partners and the filings First Solar and SunPower make with the SEC from time to time, including their most recent respective reports on Form 10-K and 10-Q, particularly under the heading "Risk Factors."