Sharp Buys Recurrent Energy for $305 M

Today solar manufacturer Sharp Corporation announced that it will be acquiring project developer Recurrent Energy for US $305 million in cash.

Recurrent Energy has about 2 GW of solar power projects in its pipeline, which is no doubt what Sharp is interested in securing.  The two companies have partnered together on projects in the past.

“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.

 

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Jennifer Runyon has been studying and reporting about the world's transition to clean energy since 2007. As editor of the world's largest renewable energy publication, Renewable Energy World, she observed, interviewed experts about, and reported on major clean energy milestones including Germany's explosive growth of solar PV, the formation and development of the U.S. onshore wind industry, the U.K. offshore wind boom, China's solar manufacturing dominance, the rise of energy storage, the changing landscape for utilities and grid operators and much, much, more. Today, in addition to managing content on Renewable Energy World and POWERGRID International, she also serves as the conference advisory committee chair for DISTRIBUTECH, a globally recognized conference for the transmission and distribution industry. You can reach her at Jennifer.Runyon@ClarionEvents.com

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