First Solar And SunPower Yieldco Launches IPO

Posted by SI Staff on June 22, 2015 No Comments
Categories : New & Noteworthy

15402_224305 First Solar And SunPower Yieldco Launches IPO California-based 8point3 Energy Partners LP, a yieldco formed by First Solar Inc. and SunPower Corp., has priced an initial public offering (IPO) of 20,000,000 Class A shares at a price of $21.00 per share.

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, minus the underwriting discount. The shares are listed on the NASDAQ Global Select Market under the symbol ‘CAFD’ and began trading on June 19.

The yieldco set up by the large-scale solar project rivals is regarded as a departure from the standard model for such holding companies and offers the advantages of diversifying technologies, widening markets and decreasing risk.

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.

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