Analyst: IPO Document Sketchy For 8point3 Energy Partners LP

8point3 Energy Partners LP's initial public offering document filed Tuesday is too sketchy for predictions about its cash flow, according to an analyst.

The joint venture formed by SunPower Corporation (NASDAQ: SPWR) and First Solar, Inc. (NASDAQ: FSLR), is set up as a YieldCo.

Raymond James' Pavel Molchanov noted that the new company will have assets initially of about 432 million megawatts, or little more than half the size of the comparable TerraForm Power Inc (NASDAQ: TERP) at the time of its spinoff last year from Sunedison Inc (NYSE: SUNE).

Despite information about the assets in Tuesday's filing, "all megawatts are not the same," according to Molchanov, who said cash flow estimates will require further projections from the company.

Molchanov appeared skeptical of the company's 50-50 management structure: SunPower's Charles D. Boynton will initially serving as chief executive, while First Solar will name a replacement after two years.

"It's like a Duke/UNC alliance" said Molchanov, referring to the college sports rivalry. "It doesn't have a direct precedent in the solar space."

Molchanov noted that although the new company, named for the 8.3 minutes required for light to travel from the Sun to Earth, is organized under state laws as a limited partnership, it will be treated as a corporation for tax purposes.

The company's net operating loss carry-forwards will offset future income taxes, but Molchanov said its offering document doesn't say for how long.