Sharp to buy Recurrent Sharp for $305 mn

SAN FRANSICO: An announcement from companies Sharp and Recurrent Energy LLC says that Sharp will acquire the solar project developer for $305 million.

The Japanese electronics giant said that it would make the San Francisco based Recurrent a wholly-owned subsidiary of Sharp when the acquisition came to a close — which is expected to happen before the end of the year, said media reports.

Recurrent Energy has more than 330 megawatts of contracted distributed-scale solar power projects, which include contracts with the Ontario Power Authority, Sacramento Municipal Utility District and Southern California Edison.

Sources at Sharp say that the company is clearly aware of how essential it is for them to become a developer in the photovoltaic field, in order to further expand its business in this area. Sharp plans to become a total solutions company in the photovoltaic field, with the help of Recurrent Energy’s know-how as a developer. With this growth, Sharp will extend from developing and producing solar cells and modules to developing and marketing power generation plants.

According to the terms of the agreement, Sharp will pay up to $305 million in cash at closing, subject to balance sheet adjustments, thus purchasing a 100 percent stake from Recurrent Energy shareholders. Recurrent’s shareholders include Hudson Clean Energy Partners and Mohr Davidow Ventures.

Sources at Sharp said that Arno Harris, CEO of Recurrent Energy, will continue to lead the company and occupy the same position following the acquisition.