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.

 

[bc_video account_id=”” player_id=”” video_id=””]

Previous articleDye-sensitized solar cells (DSSC) get boost from laser welding
Next articleSolar microinverter enables AC modules, higher efficiency
Jennifer Runyon
Jennifer Runyon is chief editor of RenewableEnergyWorld.com and Renewable Energy World magazine, coordinating, writing and/or editing columns, features, news stories and blogs for the publications. She also serves as conference chair of Renewable Energy World International Conference and Expo. Formerly, she was the managing editor of Innovate Forum, an online publication that focused on innovation in manufacturing. Prior to that she was the managing editor at Desktop Engineering magazine. In 2008, she won an "Eddy Award" for her editing work on an article about solar trees in Vienna. In 2010, RenewableEnergyWorld.com was awarded an American Business Media Neal Award for its eNewsletters, which were created under her direction. She holds a Master's Degree in English Education from Boston University and a BA in English from the University of Virginia.

No posts to display