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Sharp Corporation Completes Acquisition of Recurrent Energy
New Subsidiary is Sharp’s Global Solar Power Generation Platform
SAN FRANCISCO – (November 4, 2010) – Recurrent Energy and Sharp Corporation (TSE: 6753) announced today that Sharp has completed the acquisition of Recurrent Energy, a leading solar project developer and generating company. Sharp paid $305 million in cash to purchase a 100 percent stake in Recurrent Energy, which is now a wholly owned subsidiary of Sharp.
Arno Harris continues as CEO of Recurrent Energy and reports 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.
“Our Recurrent Energy subsidiary is the primary solar power generation platform for Sharp and expands our photovoltaic business into the key area of project development,” said Toshishige Hamano. “Recurrent Energy’s expertise and relationships will help Sharp become a total solutions company in the photovoltaic field, extending from developing and producing solar cells and modules to developing and marketing solar power generation plants.”
Recurrent Energy currently has a development pipeline of about 2 GW, with over 330 MW of contracted distributed-scale solar power projects primarily in North America, in addition to projects and joint development agreements in Europe and the Middle East.
“Sharp’s scale and resources will help us to accelerate our growth and further cement Recurrent Energy’s position as the leading global solar generating company,” said Arno Harris, CEO, Recurrent Energy. “We will continue to work with a variety of vendors to ensure we have the most appropriate equipment for our projects based on price and quality.”
