Sharp late Tuesday said it will acquire Recurrent Energy, a U.S. company that develops solar power systems in a deal valued at $305 million.
Under the purchase, Recurrent will become a subsidiary of Sharp. The deal should close by the end of the year.
With the acquisition, Sharp is looking to position itself as a complete solar power project integrator in North America. Recurrent has a project pipeline of about 2 GW in the U.S. and Canada.
In a statement, Sharp said:
With Recurrent's know-how as a developer, Sharp aims to become a total solution company in the photovoltaic field, extending from developing and producing solar cells and modules to developing and marketing power generation plants.
Recurrent is a Hudson Clean Energy Partners portfolio company. Mohr Davidow Ventures is also a shareholder.
When the deal is complete, Arno Harris, CEO of Recurrent, will continue to lead the company. Harris will report to Toshishige Hamano, a Sharp executive vice president.
Recurrent focuses on utility, commercial and government contracts and notable projects include Southern California Edison, Ontario Power Authority and the Sacramento Municipal Utility District.
As well as projects in the pipeline:
This post was originally published on Smartplanet.com