8point3 Energy Partners, the solar Yieldco joint venture between First Solar Inc. and SunPower Corp., has filed for an initial public offering of shares in the US ahead of a listing the NASDAQ Global Market.
Goldman, Sachs & Co and Citigroup will act as lead book running managers for the IPO. The number of shares and the price has not yet been decided. The Yieldco will start off with 432 megawatts of solar project, according to documents filed with the regulators.
The two US panel makers announced plans for the Yieldco last month, saying both companies expect to contribute a portfolio of selected solar generation assets from their existing portfolio of assets. A Yieldco typically provides power under long-term contracts and pays out a portion of its cash flow to shareholders. The benefit of this arrangement is that the Yieldco can have access to cheap funding