Recurrent Energy and Sharp Corporation anounced earlier this month that they have reached a definitive agreement for Sharp to acquire Recurrent Energy for up to $305 million in cash at closing, subject to balance sheet adjustments. The acquisition is expected to close before the end of 2010, subject to customary closing conditions and regulatory approvals. Recurrent Energy is a Hudson Clean Energy Partners portfolio company (see prior Green VC coverage). Other shareholders include Mohr Davidow Ventures.
Recurrent Energy, based in San Francisco, is a solar project developer and generating company with a 2 GW pipeline. Recurrent Energy will retain its name and operate as a subsidiary of Sharp after the acquisition. Arno Harris, CEO of Recurrent Energy, will continue to lead the company and report 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.
"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 2 GW 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. With Recurrent Energy’s know-how as a developer, Sharp aims to become a total solutions company in the photovoltaic field, extending from developing and producing solar cells and modules to developing and marketing power generation plants," said Toshishige Hamano.
"We're thrilled to reach this agreement with Sharp, a company known for its global leadership in solar technology," said Arno Harris, CEO, Recurrent Energy. "Sharp's support will help us to accelerate our growth and further cement Recurrent Energy’s goal to build the leading global solar generating company."
"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.