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Subsequent Events
6 Months Ended
May 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

Note 15. Subsequent Events

 

The Partnership declared a second quarter distribution for its Class A shares of $0.2325 per share for the period from March 1, 2016 to May 31, 2016. The second quarter distribution will be paid on July 15, 2016 to shareholders of record as of July 5, 2016.

 

On June 21, 2016, the Board of Directors of the General Partner, with the concurrence of the Conflicts Committee, determined that OpCo has met the tests in the OpCo’s Amended and Restated Limited Liability Company Agreement (the “OpCo LLC Agreement”) to terminate OpCo’s distribution forbearance period. As a result, starting with the quarter ending August 31, 2016, the OpCo units held by First Solar and SunPower will be entitled to distributions.

 

On June 28, 2016, OpCo entered into Waiver No. 2 to the First Solar ROFO Agreement with First Solar. Pursuant to the First Solar ROFO Agreement, First Solar previously granted to OpCo a right of first offer to purchase certain solar energy generating facilities for a period of five years. Such solar projects included the 250 MW Moapa solar generation project in Clark County, Nevada (“Moapa”). Pursuant to Waiver No. 2, OpCo waived its rights under the First Solar ROFO Agreement with respect to Moapa. Concurrently, OpCo’s rights under the First Solar ROFO Agreement were expanded to cover First Solar’s 130 MW California Flats and 150 MW California Flats facilities in Monterey County, California, which had not previously been subject to the First Solar ROFO Agreement.

 

On June 29, 2016, OpCo entered into a Contribution Agreement with SunPower and SunPower AssetCo, LLC, a wholly-owned subsidiary of SunPower, to acquire an interest in the 5 MW project which holds roof-mounted solar photovoltaic systems being installed at certain Macy’s department stores in Maryland (“Macy’s Maryland Project”) for $12.0 million in cash (the “Macy’s Maryland Acquisition”). Ownership and cash flows of the Macy’s Maryland Project are subject to a tax equity financing arrangement with a third-party investor. The Macy’s Maryland Acquisition is expected to close on July 1, 2016, subject to customary closing conditions, and OpCo expects to fund 100% of the purchase price for the Macy’s Maryland Project with cash on hand.