8point3 Energy Partners LP (NASDAQ:CAFD) Files An 8-K Other EventsItem 8.01. Other Events.
As previously disclosed, 8point3 Operating Company, LLC (“OpCo”), a wholly-owned subsidiary of 8point3 Energy Partners LP (the “Partnership”), and First Solar, Inc. (“First Solar”) entered into the Right of First Offer Agreement, dated as of June 24, 2015 (the “ROFO Agreement”), to which First Solar granted to OpCo a right of first offer to purchase certain solar energy generating facilities for a period of five years. On April 1, 2016, the Partnership disclosed that OpCo and First Solar entered into an Amendment and Waiver to Right of First Offer Agreement, to which, among other things, OpCo’s rights under the ROFO Agreement were expanded to include a right of first offer to purchase First Solar’s 100 MWac Switch Station 1 and 79-MW Switch Station 2 facilities in Clark County, Nevada (collectively, the “Switch Station Project”). On April 6, 2017, the Partnership disclosed that OpCo waived the 45-day negotiation period under the ROFO Agreement with respect to the Switch Station Project and that, following such waiver, First Solar has the right to offer and sell the interest in the Switch Station Project that was subject to the ROFO Agreement to a third party, in accordance with the terms of the ROFO Agreement.
On Thursday, July 13, 2017, it was announced that First Solar has sold the interest in the Switch Station Project that was subject to the ROFO Agreement to a third party. As such, OpCo no longer has the ability to acquire such interest in the Switch Station Project or its related assets.
About 8point3 Energy Partners LP (NASDAQ:CAFD)
8Point3 Energy Partners LP owns, operates and acquires solar energy generation projects. As of July 31, 2016, the Company owned a 28.2% limited liability company interest in 8point3 Operating Company, LLC (OpCo). As of July 31, 2016, the Company’s portfolio consisted of interests in 530 megawatts (MW) of solar energy projects. As of July 31, 2016, the Company owned interests in eight utility-scale solar energy projects, all of which are operational. As of July 31, 2016, its assets represented 88% of the generating capacity of its portfolio. As of July 31, 2016, the Company owned interests in four commercial and industrial (C&I) solar energy projects, two of which were operational and two of which were in late-stage construction, and a portfolio of residential distributed solar generation (DG Solar) assets, which represent 12% of the generating capacity of the Company’s portfolio. Its portfolio is located entirely in the United States and consists of utility-scale and C&I assets.