HOUSTON, March 21, 2019 – Baker Botts advised on a transaction that won the “North America Solar Deal of the Year” at this year’s IJGlobal Awards. The IJGlobal Awards recognize the best international infrastructure and energy transactions and the organizations that play central roles in such transactions.
Baker Botts advised 8point3 Energy Partners and one of its joint venture sponsors, SunPower Corporation, in the take-private acquisition of 8point3, a publicly traded Yieldco, by CD Clean Energy and Infrastructure V JV, LLC, an investment fund managed by Capital Dynamics, Inc. 8point3 went public in 2015 with a master limited partnership type structure and over the next several years both SunPower and First Solar, Inc., its other joint venture sponsor, contributed numerous assets to 8point3 in exchange for cash. As the Yieldco and MLP markets became challenged in 2016 and 2017 and 8point3’s cost of capital increased, it became harder to accomplish dropdown transactions funded with public equity offerings. Furthermore, the sponsors faced other challenges and opportunities and decided to sell their investment in 8point3. The transaction commenced with SunPower and First Solar contacting over 130 potential acquirers. The transaction had numerous challenges, including multiple bidders, CFIUS review, financing for the purchaser, and negotiations between the two sponsors. Baker Botts is honored to have had a vital role in the North American Solar Deal of the Year.
Baker Botts Lawyers/Offices Involved:
Finance: Daniel Tristan (Partner, Houston)
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