Sharp to acquire solar developer Recurrent Energy for $305 million
22 Sep 2010
Sharp, Japan's largest solar panel maker yesterday agreed to acquire US-based solar projects developing company Recurrent Energy, for $305 million in cash to expand into the North American photovoltaic market.
Founded in 2006, San Francisco, California-based privately held Recurrent that is majority owned by private equity firm Hudson Clean Energy Partners, is an independent power producer and a leading developer of distributed solar projects for utilities, government, and commercial customers in the US, Canada, France, Spain, Germany and Israel.
It develops, builds, and operates distributed solar power systems that are typically 2-20 MW each, markets renewable electricity to customers in North America and Europe.
Recurrent's projects use solar photovoltaic (PV) technology to produce clean electricity directly from sunlight and the company has a pipeline of over 2 GW of distributed-scale solar projects in development in North America.
Under the deal, Osaka-based Sharp will pay up to $305 million in cash to buy 100 per cent stake from Recurrent shareholders.
Recurrent will retain its name and operate as a subsidiary of Sharp and Arno Harris, CEO of Recurrent will continue to lead the company post acquisition.
