SAN FRANCISCO and SAN JOSE, Calif., Jan.
27, 2016 /PRNewswire/ -- Wells Fargo & Company (NYSE: WFC)
and 8point3 Energy Partners LP (Nasdaq: CAFD), the YieldCo
joint venture formed by SunPower (Nasdaq: SPWR) and First Solar
(Nasdaq: FSLR), announced today that a joint venture of the
two companies has acquired 22 megawatts (DC) of SunPower solar
power systems under construction at 27 Kern High School District
(KHSD) sites in Kern County,
California. The acquisition represents the first drop-down
transaction for 8point3 Energy Partners.
"We're pleased to announce our first drop-down transaction
today, an acquisition that further diversifies our portfolio with a
very significant distributed generation asset and strengthens our
current position and outlook for long-term growth," said
Chuck Boynton, CEO of 8point3 Energy
Partners. "We commend Kern High School District for its leadership
in solar, and look forward to celebrating the completion of these
systems later this year."
"We are excited about our new joint venture and are proud to
contribute to the success of 8point3 Energy Partners and SunPower,"
said Barry Neal, executive vice
president of Renewable Energy and Environmental Finance at Wells
Fargo. "We are pleased to provide capital to solar projects that
will decrease emissions while reducing costs, and applaud Kern High
School District for making such a substantial commitment to
solar."
According to data provided by The Solar Foundation, KHSD's solar
projects represent the largest contracted commitment to solar power
by any school district in the U.S.
Under a power purchase agreement, Wells Fargo and 8point3 Energy
Partners will sell electricity to the district at competitive
rates, providing KHSD a hedge against potential utility rate
increases with no upfront capital cost. Once the systems are
operational in 2016, the district estimates it will achieve
$80 million in electricity cost
savings over 25 years. KHSD will own the renewable energy credits
associated with the systems.
At the KHSD sites, SunPower is installing solar carports in the
schools' parking lots. The solar carports take advantage of
underutilized space and provide needed shade, and they feature
SunPower® solar panels, the most efficient and reliable panels on
the market today. All of the KHSD systems are expected to be
operational before the end of 2016.
About 8point3 Energy Partners
8point3
Energy Partners LP (NASDAQ: CAFD) is a growth-oriented limited
partnership formed by First Solar, Inc. and SunPower
Corporation 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. The partnership owns interests in projects
in the United States that generate long-term contracted
cash flows and serve utility, commercial and residential
customers. For more information about 8point3 Energy
Partners, please visit: www.8point3energypartners.com.
About Wells Fargo
Wells Fargo & Company
(NYSE: WFC) is a diversified, community-based financial services
company with $1.8 trillion in
assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial
finance through 8,700 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 36
countries to support customers who conduct business in the global
economy. With approximately 265,000 team members, Wells Fargo
serves one in three households in the
United States. Wells Fargo
& Company was ranked No. 30 on Fortune's 2015 rankings of
America's largest corporations. Wells Fargo's vision is to satisfy our customers'
financial needs and help them succeed financially. Wells Fargo
perspectives are also available at Wells Fargo Blogs and Wells
Fargo Stories.
In 2014, the Company donated $281.2
million to 17,100 nonprofits, and team members contributed
more than 1.74 million volunteer hours around the country. A leader
in reducing its own greenhouse gas emissions and building
sustainably, Wells Fargo has been recognized by the U.S.
Environmental Protection Agency's Center for Corporate Climate
Leadership, the Carbon Disclosure Project and the U.S. Green
Building Council. Since 2005, Wells Fargo has provided more than
$52 billion in environmental finance,
supporting sustainable buildings and renewable energy projects
nationwide. This includes investments in more than 300 solar
projects and 48 wind projects that have generated 103 terra-watt
hours of electricity to date, enough to power 9.4 million American
homes for one year and displace the release of 57 million metric
tons of CO2e, equivalent to the CO2e released by 6.5 billion
gallons of gasoline or 62 billion pounds of coal. For more
information, please visit www.wellsfargo.com/environment.
About Kern High School District
The Kern High School
District is located in Bakersfield,
California and serves the county of Kern located at the southern end of the
San Joaquin Valley. The Kern High
School District is one of California's largest 9-12 high school
districts with more than 37,000 students and 4,000 employees.
Founded in 1893, the KHSD currently includes 18 comprehensive
campuses, five alternative education campuses, four special
education centers, three career technical education sites, one
adult education center, and one charter school.
About Sage Renewables
Sage Renewables is an
independent renewable energy consulting and project development
firm with over 165 MW of project experience. Sage Renewables was
retained by the Kern High School District to solicit proposals for
the project, help guide vendor selection, and ensure District goals
are met from design through implementation. From project conception
to operations management, Sage provides unbiased expertise on all
aspects of energy projects. Sage is technology and vendor neutral,
and has implemented energy projects with all market-ready renewable
technologies including solar PV, energy storage, energy management
systems, solar thermal, fuel cell and wind. For more information,
visit www.sagerenew.com.
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SOURCE 8point3 Energy Partners LP