Alternative energy companies, including wind and solar, are struggling to find long-term growth strategies.
The latest news is from a Valley-based company.
Tempe-based First Solar said it wants out of its stake in a publicly traded company it formed with rival SunPower Corp less than two years ago.
The joint venture, 8point3 Energy Partners, was formed to hold solar and wind projects with long-term contracts to benefit First Solar and SunPower.
First Solar executives said the sale would provide needed cash to the company to produce more of its newer Series 6 solar panels and producing more of that line would improve profitability.
Across the solar industry, a global glut of panels has pushed prices down over the last year, cutting profit margins for manufacturers like SunPower and First Solar and others.
SunPower said it was exploring strategic alternatives for 8point3 Energy Partners.
