and , /PRNewswire/ -- (NYSE: WFC) and (Nasdaq: CAFD), the YieldCo joint venture formed by (Nasdaq: SPWR) and (Nasdaq: FSLR), announced today that a joint venture of the two companies has acquired 22 megawatts (DC) of SunPower solar power systems under construction at 27 (KHSD) sites in . The acquisition represents the first drop-down transaction for .

'We're pleased to announce our first drop-down transaction today, an acquisition that further diversifies our portfolio with a very significant distributed generation asset and strengthens our current position and outlook for long-term growth,' said , CEO of . 'We commend for its leadership in solar, and look forward to celebrating the completion of these systems later this year.'

'We are excited about our new joint venture and are proud to contribute to the success of and SunPower,' said , executive vice president of Renewable Energy and Environmental Finance at . 'We are pleased to provide capital to solar projects that will decrease emissions while reducing costs, and applaud for making such a substantial commitment to solar.'

According to data provided by , KHSD's solar projects represent the largest contracted commitment to solar power by any school district in the U.S.

Under a power purchase agreement, and will sell electricity to the district at competitive rates, providing KHSD a hedge against potential utility rate increases with no upfront capital cost. Once the systems are operational in 2016, the district estimates it will achieve in electricity cost savings over 25 years. KHSD will own the renewable energy credits associated with the systems.

At the KHSD sites, SunPower is installing solar carports in the schools' parking lots. The solar carports take advantage of underutilized space and provide needed shade, and they feature SunPower® solar panels, the most efficient and reliable panels on the market today. All of the KHSD systems are expected to be operational before the end of 2016.

About 8point3 Energy Partners
(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 , please visit: www.8point3energypartners.com.

About
 (NYSE: WFC) is a diversified, community-based financial services company with .8 trillion in assets. Founded in 1852 and headquartered in , provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, serves one in three households in . was ranked No. 30 on Fortune's 2015 rankings of America's largest corporations. vision is to satisfy our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

In 2014, the Company donated nonprofits, and team members contributed more than 1.74 million volunteer hours around the country. A leader in reducing its own greenhouse gas emissions and building sustainably, has been recognized by the , the and the . Since 2005, has provided more than in environmental finance, supporting sustainable buildings and renewable energy projects nationwide. This includes investments in more than 300 solar projects and 48 wind projects that have generated 103 terra-watt hours of electricity to date, enough to power 9.4 million American homes for one year and displace the release of 57 million metric tons of CO2e, equivalent to the CO2e released by 6.5 billion gallons of gasoline or 62 billion pounds of coal. For more information, please visit www.wellsfargo.com/environment.

About
 is located in and serves the county of located at the southern end of the . is one of largest 9-12 high school districts with more than 37,000 students and 4,000 employees. Founded in 1893, the KHSD currently includes 18 comprehensive campuses, five alternative education campuses, four special education centers, three career technical education sites, one adult education center, and one charter school.

About Sage Renewables
 Sage Renewables is an independent renewable energy consulting and project development firm with over 165 MW of project experience. Sage Renewables was retained by the to solicit proposals for the project, help guide vendor selection, and ensure District goals are met from design through implementation. From project conception to operations management, Sage provides unbiased expertise on all aspects of energy projects. Sage is technology and vendor neutral, and has implemented energy projects with all market-ready renewable technologies including solar PV, energy storage, energy management systems, solar thermal, fuel cell and wind. For more information, visit www.sagerenew.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/8point3-energy-partners-and-wells-fargo-acquire-kern-high-school-districts-22-megawatts-of-sunpower-solar-power-systems-300210475.html

SOURCE

Natalie Wymer, nwymer@8point3energypartners.com, 408-457-2348; LaTrina Shepherd, Latrina.shepherd@wellsfargo.com, 312-630-2315

8point3 Energy Partners LP issued this content on 27 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 January 2016 13:30:20 UTC

Original Document: http://ir.8point3energypartners.com/phoenix.zhtml?c=254037&p=irol-newsArticle&ID=2132649