8point3 Energy Partners LP, a yieldco vehicle formed by First Solar and SunPower, provided an update on the projects included in its initial portfolio.
As of November 30, 2015, the partnership's fiscal year end, all project assets in the partnership's initial portfolio at the time of its initial public offering on June 18, 2015 have achieved commercial operation status and are currently generating energy. The initial project portfolio, which is diversified across solar photovoltaic technologies and customer sectors, consists of 432MW of power plant, commercial and residential assets and includes 131 MW of assets that achieved commercial operation in the fourth quarter.
"We are pleased to report that all project assets in our initial portfolio are now in commercial operation and the portfolio is generating expected cash flows," said Chuck Boynton, 8point3 Energy Partners CEO. "Additionally, our sponsors, First Solar, Inc. and SunPower Corporation, have indicated that they each plan to offer a project asset from the 1,143 MW Right of First Offer portfolio in the early part of 2016, which gives us confidence that we are well positioned to achieve our targeted 2016 distribution growth rate of 12% to 15% despite the recent volatility in the Yieldco industry."