Sharp To Buy Recurrent

9/22/10Follow @wroush

San Francisco-based Recurrent Energy, which develops distributed solar generation projects for utilities, said yesterday (PDF) that it will be acquired by Japan’s Sharp for up to $305 million in cash, subject to balance sheet adjustments. “It is essential for Sharp to function as a developer in the photovoltaic field, in order to further expand its business in this area,” Toshishige Hamano, Sharp’s exectuve vice president for overseas business, said in a statement. “With Recurrent Energy’s know-how as a developer, Sharp aims to become a total solutions comapny in the photovoltaic field, extending from developing and producing solar cells and modules to developing and marketing power generation plants.” Recurrent has contracts to deliver 2 gigawatts of solar generating capacity to customers such as Ontario Power Authority, the Sacramento Municipal Utility District, and Southern California Edison.

Wade Roush is a contributing editor at Xconomy. Follow @wroush

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