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Capital Dynamics to buy 8point3 Energy for $977m

EBR Staff Writer Published 06 February 2018

Global asset manager Capital Dynamics has agreed to acquire 8point3 Energy Partners, a joint venture yieldco between First Solar and SunPower, for a sum of $977m.

8point3, which is based in California, has a net generation capacity of 710MW coming from fully operational, US-based solar assets.

Along with its subsidiaries, 8point3 acquires, owns and operates solar power projects in the US. Overall, the yieldco has ownership stakes across nine utility-scale solar projects, four commercial and industrial solar projects and a residential portfolio spread across nine US states.

8point3 CEO Chuck Boynton said: “This transaction is the culmination of a thorough and comprehensive strategic review process that determined that Capital Dynamics's offer was the most compelling proposal for all shareholders relative to other options, including the option to continue as a stand-alone company.”

Capital Dynamics said that the acquisition of 8point3 will expand its global footprint of solar, wind, combined-cycle gas, biomass, and waste gas-fueled technology investments.

Capital Dynamics clean energy infrastructure business head John Breckenridge said: “Capital Dynamics is very proud to propose the addition of the 8point3 assets to its broad portfolio of renewable assets.

“With our extensive asset management capabilities and financing expertise, we have been able to achieve terms that we expect to be received positively by shareholders, while meeting our long-term investment objectives.”

The transaction for Capital Dynamics will be carried out by its Clean Energy Infrastructure (CEI) Team, a specialized renewable energy investment manager which had invested in 1.1GW of solar projects in 2017.

Subject to various closing conditions, the transaction is anticipated to be completed in second fiscal quarter or third fiscal quarter of this year.

Image: 8point3 was formed by First Solar and SunPower to acquire, own and operate solar power projects in the US. Photo: courtesy of SunPower Corporation.