Recurrent Energy and Sharp Corp. have reached a definitive agreement for Sharp to acquire Recurrent Energy, a solar project developer and generating company with a 2 GW pipeline. The acquisition is expected to close before the end of this year, subject to customary closing conditions and regulatory approvals.
The terms of the agreement call for Sharp to pay up to $305 million in cash at closing, subject to balance-sheet adjustments, to purchase a 100% stake from Recurrent Energy shareholders. Recurrent Energy is a Hudson Clean Energy Partners portfolio company. Other shareholders include Mohr Davidow Ventures.
Recurrent Energy will retain its name, operating as a subsidiary of Sharp. Arno Harris, CEO of Recurrent Energy, will retain his title and continue to lead the company following the acquisition. Harris will 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.
SOURCE: Recurrent Energy