Sharp continues solar growth and plan to buy Recurrent Energy
Sharp Corporation has said it will expand its already large solar business by buying Recurrent Energy for almost £200m.
Recurrent Energy, which is a privately-held company that specialises in small-scale projects, has more than two gigawatts of projects planned in the US, Canada and Europe, which will enhance Sharp's footprint on the solar industry.
Sharp was most recently in the news concerning solar last month when it announced it was going to spend £30m expanding its solar PV factory in Wrexham to coincide with the growing demand for solar panels.
However, this latest deal with the US-based firm will transform Sharp from a panel manufacturer into a partner of power companies involved in solar generation projects.
This will be the first solar acquisition for the Japanese electronics giant and is expected to be completed before the turn of the new year.
A statement from the firm said: "It is essential for Sharp to function as a developer in the photovoltaic field, in order to further expand its business in this area".
The target for Sharp now is to establish itself as "a total solutions company in the photovoltaic field", providing solar panels as well as developing and marketing power generation plants.
Reports claim that Sharp is also keen on upping its position in the North American PV market with demand for both domestic and commercial sized solar PV systems growing.