SAN JOSE, Calif., June 10, 2015 /PRNewswire/ -- 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
prospectusny@ny.email.gs.com; 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.
Forward-Looking Statements
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."
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SOURCE SunPower Corp.