First Solar Sells Off 8point3
Tempe, Arizona-based First Solar has sold off its stake in 8Point3 Energy Partners LP, a partnership between First Solar and SunPower, to Infrastructure V JV, LLC, an investment fund managed by Capital Dynamics. The deal was worth approximately $977M in equity value, and $1.7 billion in enterprise value. First Solar and SunPower created the joint venture in 2015, hoping to purchase solar farms as an investment; however, they said that the ability of 8Point3 "to execute on its growth strategy has been very limited." First Solar and SunPower have been looking to sell off 8Point3 since last year. 8Point3 struggled to be able to acquire solar farms profitably as a result of falling solar power prices.
posted on Wednesday, February 7, 2018
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