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8point3 Energy strikes deal for 90MW of solar projects

Last updated: 09:26 01 Apr 2016 EDT, First published: 04:26 01 Apr 2016 EDT

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It is targeting 12-15% of growth through 2017.

8point3 Energy Partners LP (NASDAQ: CAFD) told investors it has entered into deals to acquire interests in 90 megawatts of solar projects.

It is taking a stake in the 50MW Hooper project, in Colorado's San Luis Valley, and the 40MW Kingbird project in California.

The transactions are expected to generate US$9mln of pre-tax cash flow, and are expected to have a 20 year average contract life.

"We're pleased to announce our second and third drop-down transactions today," said Chuck Boynton, 8point3 chief executive.

"These acquisitions continue our long-term strategy of adding high quality solar projects with investment grade off-takers to our portfolio."

Boynton added that the deals would allow the group to achieve the targeted growth rate of 12-15% through to the end of 2017 without the need for further acquisition.

8point3 is a joint venture between SunPower (NASDAQ:SPWR) and First Solar (NASDAQ:FSLR), and the stakes in Hooper and Kingbird are being bought from the respective companies.

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