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8point3, the JV Yieldco of First Solar and SunPower, to be Acquired by Capital Dynamics

Proposed transactions represent about $977 million in equity value and about $1.7 billion in enterprise value.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

First Solar, Inc. and SunPower Corporation announced that their joint-venture yieldco, 8point3 Energy Partners LP, has entered into an agreement and plan of merger and purchase agreement with CD Clean Energy and Infrastructure V JV, LLC, an investment fund managed by Capital Dynamics, Inc., and certain other co-investors.
 
Pursuant to the proposed transactions, the Partnership’s Class A shareholders and the sponsors, as holders of common and subordinated units in OpCo, will receive $12.35 per share or per unit in cash, plus a preset daily amount representing cash expected to be generated from Dec. 1, 2017 through closing less any distributions received after the execution of the merger agreement.
 
The proposed transactions represent about $977 million in equity value and about $1.7 billion in enterprise value, and are expected to close in second fiscal quarter or third fiscal quarter of 2018. The completion of the proposed transactions is subject to a number of closing conditions.

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