M&A Deal Summary

Capital Dynamics Acquires 8point3 Energy Partners

On February 5, 2018, asset manager Capital Dynamics acquired renewable energy company 8point3 Energy Partners from First Solar and SunPower for 1.7B USD

Acquisition Highlights
  • This is Capital Dynamics’ 4th transaction in the Renewable Energy sector.
  • This is Capital Dynamics’ largest (disclosed) transaction.
  • This is Capital Dynamics’ 4th transaction in the United States.
  • This is Capital Dynamics’ 3rd transaction in California.

M&A Deal Summary

Date 2018-02-05
Target 8point3 Energy Partners
Sector Renewable Energy
Buyer(s) Capital Dynamics
Sellers(s) First Solar
SunPower
Deal Type Going Private
Deal Value 1.7B USD

Target

8point3 Energy Partners

San Jose, California, United States
8point3 Energy Partners is an owns, operator and acquire of solar energy generation projects. The Partnership owns interests in projects in the United States that generate long-term contracted cash flows and serve utility, commercial and residential customers. 8point3 Energy Partners was founded in 2015 and is based in San Jose, California.

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Buyer(S) 1

Buyer

Capital Dynamics

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1999
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Capital Dynamics AG is an independent global asset management firm focusing on private assets including private equity, private credit, clean energy infrastructure and energy infrastructure credit. Capital Dynamics offers a diversified range of offerings and solutions for a global client base, including corporations, family offices, foundations and endowments, high net worth individuals, pension funds and others. Capital Dynamics AG was established in 1999 and is headquartered in Zug, Switzerland.


DEAL STATS #
Overall 4 of 10
Sector (Renewable Energy) 4 of 8
Type (Going Private) 1 of 1
State (California) 3 of 4
Country (United States) 4 of 7
Year (2018) 1 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-12 Solar Frontier Americas - 28 MW of Solar Projects

California, United States

Solar Frontier Americas 28 MW of Solar Projects Located in Fresno County, just South of San Joaquin, California, the sites combined have a planned capacity of 28 megawatts DC. The projects are packaged with permits and power purchase agreements (PPA) with Pacific Gas & Electric.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-26 8minutenergy Renewables - 121 MW Springbok 3 Solar Project

Kern County, California, United States

8minutenergy Renewables 121 MW Springbok 3 Solar Project is the third installation in the Springbok cluster, joining 8minutenergy’s 137 MW-dc Springbok 1 project, and its 191 MW-dc Springbok 2 project to supply clean energy to more than 152,000 Los Angeles households.

Buy -

Seller(S) 2

SELLER

First Solar

Tempe, Arizona, United States

Category Company
Founded 1999
Sector Renewable Energy
Employees6,700
Revenue 3.3B USD (2023)
DESCRIPTION
Entrance to First Solar's corporate headquarters in Tempe, Arizona.
Entrance to First Solar's corporate headquarters in Tempe, Arizona.

First Solar is a global provider of solar energy solutions, focused on providing power solutions across various market segments. The Company designs, manufactures and sells photovoltaic solar modules with an advanced thin-film semiconductor technology and the Company develops, designs, constructs and sells PV solar power solutions that primarily use the solar modules it manufactures. Additionally, First Solar provides operations and maintenance services to plant owners that use solar modules manufactured by the Company or by other third-party manufacturers. First Solar was incorporated in 1999 and is based in Tempe, Arizona.


DEAL STATS #
Overall 3 of 9
Sector (Renewable Energy) 3 of 8
Type (Going Private) 1 of 1
State (California) 2 of 2
Country (United States) 3 of 8
Year (2018) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-22 First Solar - California Flats Solar Project

Monterey County, California, United States

First Solar's California Flats Solar Project is a 280 Megawatt (MW)AC, Located on approximately 2,900 acres of ranch land within the Jack Ranch owned by the Hearst Corporation near the San Luis Obispo and Monterey County borders, California Flats comprises two phases. The first 130 MW of production went online in November 2017 and the projected was completed in spring 2019. The 150MW second phase, is expected to be commissioned by the end of 2018, and is fully contracted under a long-term PPA.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-24 First Solar - GA Solar 4 Project

Tempe, Arizona, United States

First Solar, Inc. - GA Solar 4 Project is a 200MWAC photovoltaic solar generation asset, located in Twiggs County, Georgia, near Warner Robins, is expected to be the largest solar power plant in the southeastern United States.

Sell -
SELLER

SunPower

Richmond, California, United States

Category Company
Founded 1985
Sector Renewable Energy
Employees2,200
Revenue 1.7B USD (2022)
DESCRIPTION
SunPower's corporate headquarters in San Jose, California.
SunPower's corporate headquarters in San Jose, California.

SunPower is a vertically integrated solar products and services company that designs, manufactures and markets high-performance solar electric power technologies. SunPower was founded in 1985 and is based in San Jose, California.


DEAL STATS #
Overall 3 of 5
Sector (Renewable Energy) 3 of 5
Type (Going Private) 1 of 1
State (California) 3 of 4
Country (United States) 3 of 5
Year (2018) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-10 SunPower - Three Solar Power Projects

San Jose, California, United States

SunPower Corp. - Three Solar Power Projects includes 20-MW Rio Bravo I, the 20-MW Rio Bravo II, and the 15-MW Wildwood Solar II solar power plants.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-18 SolarWorld Americas

Hillsboro, Oregon, United States

SolarWorld Americas, Inc. is a crystalline-silicon solar manufacturer, produces and sells high-tech solar power solutions and, in doing so, contributes to a cleaner energy supply throughout the Americas. The company maintains 430 megawatts of annual capacity to produce solar cells and 550 MW of capacity to manufacture solar modules.

Buy -