25 February 2015

First Solar and SunPower to partner to form joint venture

First Solar Inc of Tempe, AZ, USA, which makes thin-film photovoltaic modules based on cadmium telluride (CdTe) as well as providing engineering, procurement & construction (EPC) services, says that it is in advanced negotiations with solar panel and system maker SunPower Corp of San Jose, CA, USA to form a joint YieldCo vehicle, to which they each expect to contribute a portfolio of selected solar generation assets from their existing portfolio of assets.

Upon the execution of a master formation agreement, the parties intend to file a registration statement with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO) of limited partner interests in the YieldCo.

Formation of the YieldCo and completion of the IPO are subject to (among other things) the execution of definitive documentation, each party's board approval, and regulatory approval. The firms say that there is no assurance that the YieldCo will be formed or that the IPO will be consummated or that any other transaction will occur.

Tags: First Solar Thin-film photovoltaic CdTe

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