SAN FRANCISCO—Japanese electronics giant Sharp Corp. will pay up to $305 million to acquire solar project developer Recurrent Energy LLC, the companies said Wednesday (Sept. 22).
Sharp (Osaka, Japan) said it would make Recurrent, based here, a wholly-owned subsidiary of Sharp following the close of the acquisition, expected to occur before the end of the year.
“It is essential for Sharp to function as a developer in the photovoltaic field, in order to further expand its business in this area," said Toshishige Hamano, Sharp’s executive vice president responsible for overseas business, in a statement. "With Recurrent Energy’s know-how as a developer, Sharp 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."
The terms of the agreement call for Sharp to pay up to $305 million in cash at closing, subject to balance sheet adjustments, to purchase a 100 percent stake from Recurrent Energy shareholders, which include Hudson Clean Energy Partners and Mohr Davidow Ventures.
Recurrent Energy claims more than 330 megawatts of contracted distributed-scale solar power projects, including contracts with the Ontario Power Authority, Sacramento Municipal Utility District and Southern California Edison.
Arno Harris, CEO of Recurrent Energy, will retain his title and continue to lead the company following the acquisition, reporting to Hamano, Sharp said.