8point3 Energy Partners, the yieldco vehicle co-formed by SunPower and First Solar, has announced its financial results for the first quarter of 2016. The company was operated under a more conservative strategy and has successfully reduced net loss from $9.2 million to $7.1 million.
8point3 Energy Partners added 50MWac Hooper project and 40MWac Kingbird project to its generating assets recently. The 20MW Kern County, which was acquired recently, project is scheduled to go online later this year. The solar generating portfolio will reach 542MW by this year. The revenue was $7.1 million and the net loss was $7.1 million, comparing to revenue of $2.1 million and net loss of $9.2 million in the fourth quarter of 2015.
The recorded cash available for distribution (CAFD) was $18.3 million, higher than its Q1 guidance. Furthermore, the shareholder distribution increased by 3.5% to $0.2246 per share in 2Q. The company expects to achieve its distribution growth for 2016 by 12~15%, 3.5% quarter by quarter.