Under the USD$305 million deal, Sharp acquired a 100 percent stake in Recurrent Energy, which is now a wholly owned subsidiary of the company.
As a result, Sharp, which currently manufacturers solar cells, says it can now tackle the area of project development. Our Recurrent Energy subsidiary is the primary solar power generation platform for Sharp and expands our PV business into the key area of project development, said Toshishige Hamano, Sharps executive vice president responsible for overseas business.
He continued: Recurrent Energys 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.
Arno Harris will continue on as CEO of Recurrent Energy, and will report to Hamano. Recurrent Energys executive team and employees will also reportedly continue with the company.
According to Sharp, Recurrent Energy currently has a development pipeline of about two gigawatts, with over 330 megawatts 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.
Sharps scale and resources will help us to accelerate our growth and further cement Recurrent Energys position as the leading global solar generating company, commented Harris.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.