First Solar, SunPower to form joint venture for solar generation assets

By Lisa Kerner

Charlotte, N.C., Feb. 23 – First Solar, Inc. and SunPower Corp. are in advanced negotiations to form a joint YieldCo vehicle. The companies plan to contribute a portfolio of selected solar generation assets from their existing portfolio of assets, according to a news release.

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

Both companies’ boards of directors must approve the agreement.

There is no assurance that the YieldCo will be formed or that the IPO will be consummated or that any other transaction will occur, the release said.

First Solar is a Tempe, Ariz.-based provider of photovoltaic solar systems.

SunPower is a San Jose, Calif.-based provider of high-efficiency solar cells, solar panels and solar systems.

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