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Recurrent Energy & Sharp Solar now one

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SanFrancisco based Recurrent Energy and Sharp Corporation announced today that Sharp has completed the acquisition of Recurrent Energy, a leading solar project developer and generating company. Sharp paid $305 million in cash to purchase a 100 percent stake in Recurrent Energy, which is now a wholly owned subsidiary of Sharp.

e6098da5ed 150x150 Recurrent Energy & Sharp Solar now oneArno Harris continues as CEO of Recurrent Energy and reports to Toshishige Hamano, Sharp’s Executive Vice President responsible for overseas business. Recurrent Energy’s executive team and employees will also continue with the company.“Our Recurrent Energy subsidiary is the primary solar power generation platform for Sharp and expands our photovoltaic business into the key area of project development. Recurrent Energy’s expertise and relationships will help Sharp become a total solutions company in the photovoltaic field, extending from developing and producing solar cells and modules to developing and marketing solar power generation plants.”

Recurrent Energy currently has a development pipeline of about 2 GW, with over 330 MW of contracted distributed-scale solar power projects primarily in North America, in addition to projects and joint development agreements in Europe and the Middle East.
“Sharp’s scale and resources will help us to accelerate our growth and further cement Recurrent Energy’s position as the leading global solar generating company,” said Arno Harris, CEO, Recurrent Energy. “We will continue to work with a variety of vendors to ensure we have the most appropriate equipment for our projects based on price and quality.”

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Sharp aqcuires solar developer Recurrent Energy

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6a00d834ac3e0669e201347fbcec8e970c 320wi 300x240 Sharp aqcuires solar developer Recurrent Energy

San Francisco based solar developer Recurrent Energy has just been acquired by Sharp Corporation, Japan’s largest solar manufacturer. The transaction was for $310 million in cash. Arno Harris CEO of Recurrent  will remain as CEO of the new Sharp subsidiary and report to Toshishige Hamano. “We’re thrilled to reach this agreement with Sharp, a company known for its technology,” said Arno Harris. The agreement will allow the two companies the opportunity  to become a total solutions provider in the photovoltaic field, extending from developing and producing solar cells and marketing power generation plants.

Recurrent Energy is the developer of San Francisco Sunset Reservoir’s five megawatts (MW) solar plant. With its 25,000 solar photovoltaic panel capability it is among the largest municipal solar projects in the United States. Recurrent Energy has driven rapid growth of its development pipeline, with over 330 MW of government 150x150 Sharp aqcuires solar developer Recurrent Energycontracted 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, and announced projects and joint development agreements in Europe and the Middle East.

“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. In addition to its core LCD TV business, Sharp is also focusing on its solar cell business. It has been more than 50 years since Sharp first started researching solar cells.