Subsequent Events

9 Months Ended

Aug. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Distributions

On September 22, 2017, the general partner’s board of directors declared a cash distribution for our Class A shares of $0.2721 per share for the third quarter of 2017. The general partner’s board of directors declared a corresponding cash distribution for OpCo’s common and subordinated units, which includes all common and subordinated units held by First Solar and SunPower. The third quarter distribution will be paid on October 13, 2017 to shareholders and unitholders of record as of October 3, 2017.

Termination of Kern Purchase Agreement

The conditions precedent to the acquisition of the Kern Remaining Assets set forth in the Kern Letter Agreement were not met on or prior to September 30, 2017. On October 3, 2017, SunPower provided written notice to OpCo terminating the Kern Purchase Agreement, pursuant to Section 9.01(c) of the Kern Purchase Agreement, with respect to OpCo’s obligations to purchase the Kern Remaining Assets pursuant to the Kern Purchase Agreement and the Kern Letter Agreement. Pursuant to the terms of the Kern Letter Agreement, the Kern Remaining Assets are now considered SunPower ROFO Projects.