Sharp acquires Recurrent Energy for $305 million

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.

Here's a look at the footprint for Recurrent:

As well as projects in the pipeline:

This post was originally published on Smartplanet.com