Capital Dynamics, an independent global asset manager, toay announced that its Clean Energy Infrastructure (CEI) Team has agreed to acquire San Jose, California-based yieldco 8point3 Energy Partners LP (Nasdaq: CAFD). The publicly-traded company is comprised of approximately 710 MWdc of net generation capacity in fully operational, US-based solar assets, and will add to Capital Dynamics' significant global footprint of solar, wind, biomass, combined-cycle gas and waste gas-fueled power generation technology investments.
8point3 was formed in 2015 as a joint venture between First Solar, Inc. and SunPower Corporation, two of the largest developers, manufacturers, owners, operators and service providers of utility- and commercial-scale solar PV projects in the world. 8point3, together with its subsidiaries, acquires, owns and operates solar energy generation projects in the United States – with ownership interests in nine utility-scale solar projects, four commercial and industrial solar projects and an extensive residential portfolio spanning nine states.
"Capital Dynamics is very proud to propose the addition of the 8point3 assets to its broad portfolio of renewable assets," said John Breckenridge, Head of the Capital Dynamics Clean Energy Infrastructure business. "With our extensive asset management capabilities and financing expertise, we have been able to achieve terms that we expect to be received positively by shareholders, while meeting our long-term investment objectives."
The Capital Dynamics Clean Energy Infrastructure Team invested in 1.1 GW of solar projects in 2017 and is one of the largest specialized renewable energy investment managers in the world, with nearly USD 3.5 billion in AUM and 2.2 GW1of capacity in its current portfolio.
"This acquisition continues the team's strong track record as a leading provider of long-term, reliable, yield-producing capital to the renewable energy market," said Breckenridge.
Amis, Patel & Brewer, LLP served as primary legal counsel for Capital Dynamics on the acquisition. Financing for the acquisition is being arranged and provided by Mitsubishi UFJ Financial Group. The deal is anticipated to close in mid-2018, following receipt of customary regulatory approvals.
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