8point3 Energy Partners, a yieldco formed by SunPower and First Solar, has entered into an agreement to acquire SunPower’s 49% stake in its 102 MW Henrietta solar project for $134 million. Located in California’s San Luis Valley, the Henrietta project will commence operations in October. The project is majority owned by Southern Co., and Pacific Gas and Electric is buying the project’s output under a 20-year power purchase agreement.
“Our acquisition of SunPower’s 49 percent minority interest in Henrietta further re-enforces our long-term strategy of adding high-quality solar projects from our sponsors, with investment-grade off-takers, to our portfolio,” said Chuck Boynton, CEO of 8point3 Energy Partners. “With the expected acquisition of Henrietta, our portfolio will grow to interests in 637 MW of solar projects.”
The transaction is subject to a financing condition and other customary closing conditions and is expected to close on or around Sept. 30.