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8point3 Energy Partners LP
8point3 Energy Partners Reports Third Quarter 2017 Results



October 5, 2017

8point3 Energy Partners LP (NASDAQ:CAFD) announced financial results for its third fiscal quarter ended August 31, 2017.

  • Exceeded Q3 2017 revenue, net income, Adjusted EBITDA and CAFD guidance
  • Sponsors' strategic review of Partnership interests continuing
  • Declared Q3 2017 distribution of $0.2721 per share, an increase of 3.0 percent over the Q2 2017 distribution
  • Forecasts Q4 2017 distribution of $0.2802 per share, an increase of 3.0 percent compared to the Q3 2017 distribution
  • Partnership reiterates 2017 distribution growth of 12 percent

For the third quarter of fiscal 2017, 8point3 Energy Partners reported revenue of $27.7 million, net income of $28.7 million, Adjusted EBITDA of $53.5 million and cash available for distribution (CAFD) of $33.2 million.

"The stable performance of our high-quality solar portfolio enabled us to exceed our financial goals for the quarter and raise our quarterly distribution for the ninth consecutive quarter," said Chuck Boynton, 8point3 Energy Partners' CEO. "We expect that our current portfolio of interests in 946 megawatts (MW) of U.S. solar assets will generate annual CAFD of more than $106 million in 2017. 

"Also, our sponsors' strategic review related to their partnership interests in 8point3 is continuing. As SunPower announced last quarter, it has joined First Solar in its desire to sell its ownership stake in 8point3 though, as previously noted, there can be no assurances that a transaction will be consummated," concluded Boynton.

Additionally, during the quarter, the Board of Directors of the Partnership's general partner waived the negotiating period related to the offering of SunPower's 100-MW Boulder Solar 1 Right of First Offer (ROFO) project. As a result of this waiver, SunPower has the right to offer and sell this project to a third party in accordance with the terms of the ROFO Agreement. 

The Board of Directors of the Partnership's general partner also declared a cash distribution for its Class A shares of $0.2721 per share for the third quarter. The third quarter distribution will be paid on October 13, 2017 to shareholders of record as of October 3, 2017.

"We were pleased with our third quarter results as our portfolio continued to perform as expected," said Bryan Schumaker, 8point3 Energy Partners' chief financial officer. "We are well positioned to meet our financial and operational goals for this year and remain committed to maintaining our 12 percent targeted distribution growth rate for 2017."

The Partnership did not utilize its $125 million at-the-market (ATM) equity offering program during the third quarter. 

Guidance
The Partnership's fourth quarter 2017 guidance is as follows: revenue of $12.0 million to $15.0 million, net income of $1.5 million to $4.0 million, Adjusted EBITDA of $22.0 million to $25.0 million, CAFD of $32.0 million to $35.0 million and a distribution of $0.2802 per share, a forecasted increase of 3.0 percent compared to the Q3 2017 distribution. 

As a result of its consistent asset performance, the Partnership is raising its fiscal year 2017 guidance. The Partnership now expects revenue of $66.5 million to $69.5 million, net income of $32.0 million to $34.5 million, Adjusted EBITDA of $117.0 million to $120.0 million and CAFD of $106.0 million to $109.0 million. The Partnership also reiterates its expected distribution growth rate of 12 percent for fiscal year 2017. 

About 8point3 Energy Partners
8point3 Energy Partners LP (NASDAQ:CAFD) is a growth-oriented limited partnership formed by First Solar, Inc. and SunPower Corporation to own, operate and acquire solar energy generation projects. 8point3 Energy Partners' primary objective is to generate predictable cash distributions that grow at a sustainable rate. The Partnership owns interests in projects in the United States that generate long-term contracted cash flows and serve utility, commercial and residential customers. For more information about 8point3 Energy Partners, please visit: www.8point3energypartners.com.

For 8point3 Energy Partners Investors
This press release includes various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. You can identify our forward-looking statements by words such as "anticipate", "believe", "estimate", "expect", "forecast", "goals", "objectives", "outlook", "intend", "plan", "predict", "project", "risks", "schedule", "seek", "target", "could", "may", "will", "should" or "would" or other similar expressions that convey the uncertainty of future events or outcomes. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, these statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ materially from those set forth in forward-looking statements. In particular, expressed or implied statements concerning the sponsors' ownership interest in the Partnership, expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of the Partnership and its subsidiaries, including guidance regarding the Partnership's revenue, net income, Adjusted EBITDA, cash available for distribution and distributions, other future actions, conditions or events such as the projected commercial operation dates of projects, future operating results or the ability to generate sales, income or cash flow or to make distributions are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Forward-looking statements speak only as of the date of this press release, October 4, 2017, and we disclaim any obligation to update such statements for any reason, except as required by law. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this paragraph. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described under "Risk Factors" in the Partnership's Annual Report on Form 10-K for the fiscal year ended November 30, 2016, filed with the Securities and Exchange Commission on January 26, 2017 and the Partnership's Quarterly Report on Form 10-Q for the quarterly period ended May 31, 2017, filed with the Securities and Exchange Commission on June 29, 2017.  If any of those risks occur, it could cause our actual results to differ materially from those contained in any forward-looking statement. Because of these risks and uncertainties, you should not place undue reliance on any forward-looking statement.

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For more information:

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8point3 Energy Partners LP
http://www.8point3energypartners.com/


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