8Point3 Energy Partners' Stock Unaffected By Latest Acquisition Announcement

8Point3 Energy Partners LP CAFD announced on Friday it has entered into an agreement to acquire an interest in the 50 megawatt Hooper Project from SunPower Corporation SPWR and the 40 MW Kingbird Project from First Solar, Inc. FSLR 8Point3 Energy is the joint venture formed by both SunPower and First Solar. 8Point3 Energy stated that the drop-down acquisitions will generate approximately $9 million in combined annual pre-tax cash flow with an expected 20 year average contract life. Despite the announcement, shares of 8Point3 Energy were trading nearly flat on the day at $14.48. "We're pleased to announce our second and third drop-down transactions today," said Chuck Boynton, CEO of 8point3 Energy Partners. "These acquisitions continue our long-term strategy of adding high quality solar projects with investment grade off-takers to our portfolio."