Deals
SunPower to Sell Stake in Solar Farm to Its 8Point3 Yieldco
- 8Point3 expects an equity offering to help fund acquisition
- JP Morgan increases price target after yieldco raises guidance
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SunPower Corp. agreed to sell its 49 percent stake in a 102-megawatt solar farm in California to 8Point3 Energy Partners LP, a yieldco it co-founded with fellow manufacturer First Solar Inc. 8point3 also raised revenue guidance for 2016.
The yieldco agreed to pay $134 million for the stake in the Henrietta project in San Luis Valley, San Jose, California-based 8Point3 said in a statement Tuesday. It expects to close the deal this month.