Isra-Mart srl:Sharp seals Recurrent solar acquisition

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Isra-Mart srl news:

Electronics giant boosts its position in the solar market after buying American PV firm.

Sharp has completed its acquisition of the US solar project developer Recurrent Energy, bolstering its position as one of the world's leading producers of solar panels.

Reccurent today confirmed it is now a wholly owned subsidiary of Sharp, after Sharp completed its take over of the firm, shelling out $305m (£190m) in cash to purchase 100 per cent of Recurrent stock.

Toshishige Hamano, Sharp's executive vice president in charge of overseas business said Recurrent will now take a lead role in Sharp's solar generation business, allowing the company's photovoltaic (PV) business to develop projects through a new one-stop-shop model.

"Recurrent Energy's 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," he said.

Reccurent said the sale will bolster its position as the leading global generator of solar energy, but insisted that despite the acquisition it will continue to use "a variety of vendors" to ensure it employs the right equipment at a fair price when developing solar projects.

Reccurent said it currently has a development pipeline of about 2GW, with over 330MW of contracted solar power projects, mainly in North America, in addition to projects and joint development agreements in Europe and the Middle East.