First Solar, SunPower Plan On Solar Finance Joint Venture

Tempe, Arizona-based solar panel manufacturer First Solar and competitor SunPower said last night that the two are in advanced negotiations to create a new, joint venture, called YieldCo. The two said the new company will hold a portfolio of solar generation assets from their existing projects, with the intent to take that new company public in an initial public offering (IPO). The new venture would hold the long term, power-purchase agreements and leases from commercial and residential solar companies, and help both First Solar and SunPower raise more funding for their projects.