Sharp Completes Recurrent Solar Acquisition for $305 Million
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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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