Japanese Firm Makes Sharp Moves in Solar Market

OSAKA, Japan — Sharp Corp., a manufacturer of microwave ovens, televisions — and a player in the solar market — is acquiring Recurrent Energy, a solar project developer based San Francisco, in a $305 million cash deal, according to reports.

 

The move will bolster Sharp’s solar panel portfolio, which includes the production of photovoltaics for residential, commercial, government, and utility-scale applications, making the multinational more of a “one-stop shop” for solar systems, according to sources.

 

Recurrent, which has some two gigawatts in projects in the works in the U.S. and Canada, as well as early business developments in Europe, will retain its name and operate as a subsidiary of Sharp after the takeover. The acquisition, which is awaiting final approval from both companies, is expected complete by the end of the year. Hudson Clean Energy Partners, a private equity firm, is the majority owner of Recurrent.

 

“With Recurrent’s know-how as a developer, Sharp aims to become a leader in the photovoltaic field, extending from developing and producing solar cells and modules to developing and marketing power generation plans,” says Toshishige Hamano, executive vice president at Sharp. 

 

Sharp’s acquisition of Recurrent is the Japanese companies latest move to better position itself in the solar field, particularly in the North American thin film market. Earlier this year, Sharp announced plans that it would double production at its Welsh solar cell plant. The electronics producer also recently formed a $198 million joint venture with Enel Green Power, an Italian-based renewable energy provider, and with STMicroelectronics, a provider of electronic components. Sharp has focused on building up its business in California in recent years, including supplying five megawatts in thin film modules for the Mendota, Calif.-based CalRENEW-1 solar farm, where more than 50,000 solar modules came online this summer.

 

Focusing largely on developing solar systems at large corporate facilities and small power plants that serve utility companies, Recurrent works primarily with real estate property owners by selling them electricity generated from solar through long-term power purchasing agreements.