SHARP Signs Accord to Take Over Recurrent Energy to Become a Total Photovoltaic Solution Provider

SHARP Electronics has signed an accord with Recurrent Energy LLC, a company engaged in developing distributed solar projects, to procure Recurrent and convert it into a fully owned subsidiary company of SHARP. The process of acquisition is expected to be over by the end of the year 2010 after obtaining necessary sanctions from the authorities.

North American solar photovoltaic market is growing quickly due to a spurt in the number of solar projects available for the power companies. Recurrent is an autonomous power producing company in the US engaged in the development and building up of distributed solar projects and commercially promoting solar power producing plants in cooperation with the other power companies. The company has around 2 GW worth of solar projects in its pipeline in various places in Canada, USA and other parts of Europe.

SHARP a product manufacturing company took over Recurrent to expand its role as a developer in the PV segment and to attain its growth in business. The acquisition will enable SHARP to expand its business as a total photovoltaic solution providing company from its current role of a simple producer and supplier of solar modules and solar cells for plants that generate solar power.