February 5, 2018 / 10:50 PM / a year ago

Capital Dynamics to acquire SunPower, First Solar JV for $977 million

FILE PHOTO - Solar panels sit on the roof of SunPower Corporation in Richmond, California March 18, 2010. REUTERS/Kim White/File Photo

(Reuters) - Asset manager Capital Dynamics said on Monday it would acquire a joint venture company of solar power developers First Solar Inc (FSLR.O) and SunPower Corp (SPWR.O) for about $976.6 million.

The joint venture, 8point3 Energy Partners LP CAFD.O, owns and operates solar energy generation projects in the United States.

The deal, which has an enterprise value of about $1.7 billion, is expected to close in the second or the third quarter of fiscal 2018.

Reporting by Taenaz Shakir in Bengaluru; Editing by Anil D'Silva

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