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Capital Dynamics to acquire 8point3 for $977m

CTBR Staff Writer Published 06 February 2018

Private equity company Capital Dynamics’ Clean Energy Infrastructure (CEI) Team has agreed to acquire 8point3 Energy Partners (8point3) for $977m.

8point3 is a San Jose, California-based joint venture yieldco between First Solar and SunPower. Under the terms of the agreement, Capital Dynamics will acquire all of the shares in 8point3 for a price of $12.35 per share.

The acquisition is expected to be closed in the second or third fiscal quarter of this year.

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."

8point3 owns fully operational solar assets with a net generating capacity of about 710MW in the US. The acquisition is expected to significantly enhance Capital Dynamics's global footprint in solar, wind, biomass, combined-cycle gas and waste gas-fueled power generation technology investments.

Capital Dynamics Clean Energy Infrastructure Team has invested in 1.1GW solar projects last year. Overall,  its current portfolio includes $3.5bn in assets under management (AUM) and 2.2GW of capacity.

In December last year, it had commenced the operations of the 173MW California Flats Solar Project in Monterey County, California, the US. It is part of the two phase project, which is expected to have a combined capacity of 387MW. The second phase is under construction and is expected to be commissioned in next year’s last quarter. 

8point3 was established to own, operate and acquire solar energy generation projects. Currently, it owns interests in projects in the US that generate long-term contracted cash flows and serve utility, commercial and residential customers.   

Breckenridge said: “This acquisition continues the team's strong track record as a leading provider of long-term, reliable, yield-producing capital to the renewable energy market.”

Image: 8point3’s solar portfolio will add significantly to Capital Dynamics’ energy generation portfolio. Photo: Courtesy of SunPower Corporation.