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Published on November 11th, 2010 | by Zachary Shahan

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Sharp Completes Recurrent Solar Acquisition for $305 Million

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November 11th, 2010 by Zachary Shahan
 
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Sharp is better know for its other products, of course, but this technology giant is gaining more and more of a solar energy presence. To up its clean energy focus, it recently bought 100% of Recurrent Energy stock for $305 million. Sharp is now planning to have Recurrent Energy lead its solar generation work.

“Recurrent Energy’s expertise and relationships will help Sharp become a total solutions company in the PV field, extending from developing and producing solar cells and modules to developing and marketing solar power generation plants,” Sharp’s executive vice president in charge of overseas business, Toshishige Hamano, said.

Recurrent Energy reports that it has about 2GW of solar energy projects in the pipeline and 330MW of contracted projects, most of which are in North America, including a 170-megawatt contract with the Ontario Power Authority, a 60-megawatt contract with the Sacramento Municipal Utility District, and 50-megawatt contract with Southern California Edison.

Even being a complete subsidiary of Sharp, though, Recurrent Energy says that it will make sure to provide the right equipment for each job and at a good price by using a “variety of vendors” — the company has bought from solar giants such as Suntech Power, Yingli Green Energy, and SolarWorld in the past. But I’m sure Sharp, one of the largest solar panel manufacturers in the world, will get at least a little more solar technology business out of this deal.

Recurrent Energy has announced that it will be keeping its executive staff and its own name and views this purchase as an empowering change more than anything else.

“We are really spreading our wings with strategic support from Sharp,” CEO Arno Harris said when the deal was first announced a couple months ago.

Photo Credit: Eleventh Earl of Mar via flickr (CC license)

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About the Author

is the director of CleanTechnica, the most popular cleantech-focused website in the world, and Planetsave, a world-leading green and science news site. He has been covering green news of various sorts since 2008, and he has been especially focused on solar energy, electric vehicles, and wind energy since 2009. Aside from his work on CleanTechnica and Planetsave, he's the founder and director of Solar Love, EV Obsession, and Bikocity. To connect with Zach on some of your favorite social networks, go to ZacharyShahan.com and click on the relevant buttons.



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