The acquisition is expected to close before the end of this year, subject to customary closing conditions and regulatory approvals.
Upon payment, Sharp will purchase a 100 percent stake from Recurrent Energy shareholders. Recurrent Energy is a Hudson Clean Energy Partners portfolio company: other shareholders include Mohr Davidow Ventures.
It has been said that Recurrent Energy will retain its name, operating as a subsidiary of Sharp. Additionally, Sharp said that Arno Harris, CEO of Recurrent Energy, will retain his title and continue to lead the company following the acquisition. Harris will report to Toshishige Hamano, Sharps executive vice president responsible for overseas business. Recurrent Energys executive team and employees will also continue with the company.
"We are excited to have reached a definitive agreement for Sharp to acquire Recurrent Energy, a leading solar project developer and generating company with a two-gigawatt pipeline. 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 Hamano.
He continued: "With Recurrent Energys know-how as a developer, Sharp aims to become a total solutions company in the PV field, extending from developing and producing solar cells and modules to developing and marketing power generation plants,"
Recurrent Energy has over 330 megawatts (MW) of contracted 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.
Weve enjoyed a tremendous partnership with the Recurrent Energy team and believe Sharp is the right partner to accelerate the growth of the business, concluded Neil Auerbach, a Recurrent Energy director and managing partner at Hudson Clean Energy Partners.