Sharp buys solar generation company Recurrent Energy

• 13 years ago (2010-09-23)
• Junior Isles

Asia 848 Europe 1061 North America 998 Renewables 751

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Sharp will acquire Recurrent Energy, a US developer of solar energy projects, in a deal worth up to $305 million. The Japanese company hopes the acquisition will strengthen its position in the fast-growing solar-power generation business.

Recurrent Energy develops and markets solar-based power generation projects and has a string of deals with utilities in the US and overseas. It has a 170 MW project with Ontario Power Authority, 60 MW with the Sacramento Municipal Utility District, and 50 MW with Southern California Edison. It also has agreements and projects in Europe and the Middle East.

Sharp has embarked on a big expansion of its solar panel production capacity since it opened a new factory in Sakai, western Japan, but the deal to acquire the San Francisco-based company stands to transform Sharp from a supplier of panels into that of a partner of power companies involved in solar generation projects.

"It is essential for Sharp to function as a developer in the photovoltaic field, in order to further expand its business in this area," the Japanese company said in a statement.

The acquisition is subject to regulatory approval and is expected to be completed before the end of this year. Sharp said the acquisition price could be lower depending on aspects of the approval, but declined to be more specific.