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8Point3 Energy Partners' Stock Unaffected By Latest Acquisition Announcement

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8Point3 Energy Partners' Stock Unaffected By Latest Acquisition Announcement

8Point3 Energy Partners LP (NASDAQ: CAFD) announced on Friday it has entered into an agreement to acquire an interest in the 50 megawatt Hooper Project from SunPower Corporation (NASDAQ: SPWR) and the 40 MW Kingbird Project from First Solar, Inc. (NASDAQ: FSLR).

8Point3 Energy is the joint venture formed by both SunPower and First Solar.

Related Link: Raymond James: SolarCity, 8Point3 Still Our Top Solar Picks

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 $14.50.

"We're pleased to announce our second and third drop-down transactions today," said Charles "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."

Image Credit: Public Domain

Posted-In: 8point3 Energy Partners Chuck Boynton First SolarM&A News Commodities Markets Trading Ideas

 

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