8point3 Energy Partners LP ("8point3 Energy Partners"), a limited partnership formed by First Solar, Inc. ("First Solar") (NASDAQ: FSLR) and SunPower Corporation ("SunPower") (NASDAQ: SPWR) to own and operate a portfolio of selected solar energy generation assets, announced today that it has commenced an initial public offering (the "IPO") of Class A shares representing limited partner interests in 8point3 Energy Partners (the "shares"). 8point3 Energy Partners is offering 20,000,000 shares to the public. In addition, the underwriters have a 30-day option to purchase up to an additional 3,000,000 shares from 8point3 Energy Partners at the IPO price, less the underwriting discount. The IPO price is currently expected to be between $19.00 and $21.00 per share. The shares are expected to be listed on the NASDAQ Global Market under the symbol "CAFD."
8point3 Energy Partners intends to use all of the net proceeds of the IPO to purchase the common units of 8point3 Operating Company, LLC ("8point3 Operating Company"), the entity that holds 8point3 Energy Partners' project assets. 8point3 Operating Company intends to use the proceeds from the sale of its common units (i) to make a cash distribution to each of First Solar and SunPower and (ii) for general corporate purposes, including to fund future acquisition opportunities.
Goldman, Sachs & Co. and Citigroup Global Markets Inc. are acting as lead book running managers for the IPO. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Credit Agricole Securities (USA) Inc. are acting as joint book-running managers for the IPO.
The proposed offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus related to the IPO may be obtained from: Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282 or by emailing firstname.lastname@example.org; or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone 800-831-9146.
The registration statement relating to the securities has been filed with the Securities and Exchange Commission (the "SEC"), but has not yet become effective. The securities may not be sold nor may offers to buy the shares be accepted prior to the time when the registration statement becomes effective. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.