California-based solar energy firm SunPower has revealed its intentions to divest its stake in 8point3 Energy Partners as part of a financial restructuring program.
Founded in 2015, 8point3 Energy Partners is a joint venture between SunPower and First Solar with focus on owning, operating and acquisition of solar power projects.
During the announcement of its quarterly financial results, SunPower disclosed about monetizing its stake in the partnership. It said that the possible sale would help it deliver additional capital for the firm to consolidate its balance sheet.
SunPower president and CEO Tom Werner said that the company is carrying out a strategic review process regarding 8point3 Energy Partners while claiming that it has already received significant interest from potential buyers.
The original plans to drop First Solar as a partner and look for a new partner in 8point3 Energy Partners have been scrapped by SunPower.
Werner said: “In the event we complete a sale of our ownership stake in 8point3, we believe the proceeds will provide us with additional resources to deleverage our balance sheet and retire our 2018 convertible bonds to minimize shareholder dilution and continue to execute on our restructuring plan.”
In April, First Solar had announced that it was exploring alternatives for the sale of its stake in 8point3 Energy Partners.
First Solar had then stated that it was taking actions to bring its resources and capital together to back its transition towards its new Series 6 solar modules.
As part of it, First Solar said that it was looking to sell its stake in 8point3 to place its resources to fulfill the objectives of Series 6 while enabling for a quicker recycling of systems business capital.