Summary
This 8-K filing from First Solar, Inc. (FSLR) on June 20, 2018, announces the completion of the sale of its stake in 8point3 Energy Partners LP. The joint venture, which First Solar formed with SunPower Corporation, was sold to CD Clean Energy and Infrastructure V JV, LLC, managed by Capital Dynamics, Inc. This divestiture marks a significant strategic shift for First Solar, as it exits its investment in the partnership and receives approximately $240 million in cash after fees and expenses. Importantly, First Solar no longer holds any direct or indirect equity interests in 8point3 Energy Partners or its affiliates following this transaction.
Key Highlights
- 1First Solar has completed the sale of its interest in 8point3 Energy Partners LP.
- 2The joint venture was sold to an affiliate of Capital Dynamics, Inc.
- 3First Solar received approximately $240 million in cash from the sale, net of fees and expenses.
- 4The company no longer owns any equity interests in 8point3 Energy Partners LP or its affiliates.
- 5An outstanding balance on a promissory note related to a previous project sale was also repaid as part of this transaction.
- 6This divestiture signifies First Solar's exit from its investment in the 8point3 Energy Partners joint venture.
Frequently Asked Questions
The primary purpose of this 8-K filing was to announce the completion of the sale of First Solar's interest in its joint venture, 8point3 Energy Partners LP.
First Solar received approximately $240 million in cash, after accounting for the payment of fees, expenses, and other related amounts.
No, as a result of this transaction, First Solar no longer directly or indirectly owns any equity interests in 8point3 Energy Partners LP or any of its affiliates.
This transaction signifies First Solar's complete exit from its investment in the 8point3 Energy Partners joint venture, potentially allowing the company to redeploy capital or focus on its core business operations.