8point3 Energy Partners enters into agreement to acquire stake in 300-MW Stateline Solar Project

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
8point3 Energy Partners enters into agreement to acquire stake in 300-MW Stateline Solar Project

8point3 Energy Partners has announced that it has entered into an agreement to acquire First Solar's 34 percent stake in its 300-megawatt (MW) Stateline solar project for US$329.5 million. The project is located in San Bernardino County, California (USA).

The project is expected to generate approximately US$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. 

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. 

Chuck Boynton, CEO of 8point3 Energy Partners said:

"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. With the expected acquisition of Stateline, our portfolio will grow to interests in 937 MW of solar projects." 

List of country news

Country news

  • November 28, 2016

    sPower closes $434 Million for its Beacon Solar Projects

    sPower, a private owner of utility-scale solar operating assets, has announced the completion of a tax equity investment and construction/term loan totaling US$434 million. Read more
  • November 25, 2016

    Basalt and Soltage invest US$14 M in US solar partnership

    Marathon Capital has announce that Soltage and Basalt Infrastructure Partners have completed the first close of US$70 million on a US$140 million equity capital partnership to fund over 100 MW of commercial and industrial (C&I) and utility-scale pipeline of solar projects across the United States. Read more
  • November 24, 2016

    Cypress Creek Renewables announces acquisition of North Carolina-Based FLS Energy

    Cypress Creek Renewables has announced the acquisition of North Carolina-Based solar energy engineering, construction and procurement firm, FLS Energy. Read more
  • November 24, 2016

    Deepwater Wind plans offshore wind farm to serve Maryland

    America-based offshore wind company Deepwater Wind has announced plans for the Skipjack Wind Farm, a new offshore wind farm tin Maryland,USA. Read more
  • November 23, 2016

    Greenbacker Renewable Company acquires a 25 MW operating wind generation facility in Montana

    Greenbacker Renewable Energy Company LLC has announced that through a wholly-owned subsidiary it has acquired a 25 MW operating wind generation facility located in Montana, the Greenfield Wind Farm. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.