Sharp Corporation, the Japanese multinational corporation that manufactures electronic products has acquired 100% ownership of the Recurrent Energy for $305 million. This makes the US solar energy development company 100% owned subsidiary of the Sharp Corporation but the deal keeps the Recurrent Energy executive team as well as its employees with Arno Harris as CEO. He will report to Sharp’s Executive Vice President Toshishige Hamano who takes care for the Corporation’s overseas businesses.
The Recurrent Energy has a large number of solar project, in first place in North America though it also works on several projects in the Middle East and Europe. Its operating solar projects in North America produce about 330MW and have a developmental capacity of as much as 2GW.
Sharp’s new acquirement and some reports imply that the Japanese electronic manufacturer is focused on expansion of its solar and photovoltaic line into project development and the Recurrent Energy will probably serve as the primarily platform in its future plans. The Japanese Corporation strives after greater role in the solar energy industry and plans to become a major player in both development and production of solar cells and modules.
One of recent reports has shown that the solar photovoltaic market has dramatically increased in value – from $189 million to $1,726 million from 2001 and 2009, while the compound annual growth rate (CAGR) was 32%. The trend is not only expected to continue but is estimated to increase to 36% CAGR by year 2015. The United States is at the moment of writing the world’s fourth largest solar energy market after Germany, Spain and Japan.
Sharp certainly knows about the forecasts for the solar photovoltaic market and their acquirement of the Recurrent Energy will therefore most likely help the Corporation to become a major player in the solar energy industry.