Sharp is to acquire 100% of Recurrent Energy, a San Francisco-based independent power producer and developer of distributed solar projects, for up to $305 million in cash.
The acquisition is scheduled to be completed by the end of the year, provided authorities approve the transaction.
Sharp, Japan’s largest solar-panel maker, says it expects demand in the North American photovoltaic market to rise significantly due to an increase in the number of projects for power companies, hence the move.
Recurrent holds an approx. 2 GW project pipeline of solar power generation plants located in the U.S. and Canada, and is also developing business in other areas, including Europe.
With Recurrent, Sharp aims to become a total solution company in the photovoltaic field, extending from developing and producing solar cells and modules to developing and marketing power generation plants.
Recurrent Energy raised $75 million from PE firm Hudson Clean Energy Partners back in July 2008. Mohr Davidow Ventures is another investor.
As a leading provider of distributed solar power, Recurrent Energy is overcoming the barriers to widespread solar adoption, making renewable energy a practical choice for today’s large scale energy users. They are a developer and owner of locally-sited solar power systems, selling clean electricity to their customers worldwide at competitive rates via a Power Purchase Agreement (PPA) or Feed-in Tariffs (FiT). In return, their utility, commercial, and government customers achieve energy independence, predictable pricing, and enhanced sustainability.
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