8point3 Energy Partners to acquire First Solar's 34 percent stake in its 300 MW Stateline solar project

8point3 Energy Partners has entered into an agreement to acquire First Solar's 34 percent stake in its 300-megawatt (MW) Stateline solar project for USD 329.5 million.

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The project is expected to generate approximately $32 million in average annual pre-tax cash distributions and has a 20 year contract life.

The transaction is expected to close on December 1, 2016. Located in San Bernardino County, the Stateline project commenced operations in August 2016. The project is majority owned by Southern Company.

"Consistent with our long-term strategy of acquiring high quality solar projects from our sponsors, we are pleased to add First Solar's 34 percent minority interest in Stateline to our diversified portfolio," said Chuck Boynton, CEO of 8point3 Energy Partners. "With the expected acquisition of Stateline, our portfolio will grow to interests in 937MW of solar projects."