San Francisco, CA, USA – Today solar manufacturer Sharp Corporation announced that it will be acquiring project developer Recurrent Energy for US $305 million in cash.
“We’ve enjoyed a tremendous partnership with the Recurrent Energy team and believe Sharp is the right partner to accelerate the growth of the business,” said Neil Auerbach, a Recurrent Energy director and Managing Partner at Hudson Clean Energy Partners. Recurrent Energy is a Hudson Clean Energy Partners portfolio company. Other shareholders include Mohr Davidow Ventures. The acquisition is for a 100% ownership of the company, which will be purchased outright from the investors. It is expected to be complete by the end of the year.
Recurrent energy will keep its name and CEO Arno Harris will retain his position after the acquisition. Recurrent Energy’s executive team and employees will also continue with the company.
The move highlights Sharp’s interest in adding project development to its manufacturing business. Sharp’s executive VP, Toshishige Hamano, (to whom Harris will be reporting) said in a press release that the company “aims to become a total solutions company in the photovoltaic field, extending from developing and producing solar cells and modules to developing and marketing power generation plants.”
Recurrent Energy has rapidly grown its development pipeline over the years. The company boasts more than 330 MW of contracted distributed-scale solar power projects including 170 MW with the Ontario Power Authority, 60 MW with the Sacramento Municipal Utility District (SMUD), and 50 MW with Southern California Edison. It has also announced projects and joint development agreements in Europe and the Middle East.
Stephen Lacey spoke with Arno Harris in earlier this year. To hear what he had to say about the company back then, play the video below.