The yieldco 8point3 Energy Partners LP, formed by solar energy kingpins First Solar (FSLR) and SunPower (SPWR), is expected to raise approximately $420 million in an initial public offering scheduled to begin trading Friday. Tempe, Ariz.-based solar module maker First Solar and San Jose, Calif.-based solar panel and system maker SunPower announced in February they would form the yield company, or “yieldco.” A yieldco is a publicly traded
First Solar and SunPower’s preparations for their joint yield company looked rockier than anticipated Thursday as both reported surprisingly steep first-quarter sales declines. The two largest U.S. solar panel makers are selling fewer power plants so they can retain some assets for their new venture. As a result, analysts were expecting sales drops — but not as steep as what was reported. Tempe, Ariz.-based First Solar (FSLR)
SunPower (SPWR) reported a steep decline in Q1 profit as it sold fewer of its power plants in preparation for a yieldco with First Solar (FSLR) but still topped estimates. San Jose, Calif.-based SunPower earned 13 cents a share excluding items, down 73.5% from a year earlier, but above views by 4 cents. Non-GAAP revenue fell 37% to $430.6 million, missing views of $452.6 million. Shares were down 1.2% in late trading after closing down 3.3%. The