Sun money: 8point3 Energy LP sets terms for $400 million IPO

8point3 Energy Partners LP, a solar energy yieldco formed by photovoltaic cell manufacturers First Solar and SunPower, announced terms for its IPO on Wednesday.

The San Jose, CA-based company plans to raise $400 million by offering 20 million shares at a price range of $19 to $21. At the midpoint of the proposed range, it would command a market value of $1.4 billion.

First Solar (NASDAQ: FSLR) and SunPower (NASDAQ: SPWR) have a market caps of about $5 billion and $4 billion, respectively. First Solar traded up about 3% and SunPower was up nearly 6% in mid-day trading.

8point3 Energy Partners LP, which was formed in 2015 and booked $13 million in revenue for the 12 months ended March 31, 2015, plans to list on the NASDAQ under the symbol CAFD. Goldman Sachs, Citi, Deutsche Bank, J.P. Morgan and Credit Agricole CIB are the joint bookrunners on the deal. It is expected to price during the week of June 15, 2015.