Canadian Solar Inc. has signed an agreement to acquire project developer Recurrent Energy from Sharp Corp. for US$265 million.
Once completed, the acquisition of Recurrent will increase Canadian Solar’s total solar project pipeline by approximately 4 gigawatts to 8.5GW, and its late-stage project pipeline by approximately 1GW to 2.4GW. Located in California and Texas, Recurrent’s 1-GW late-stage pipeline is one of the largest utility-scale project portfolios scheduled to be built prior to the ITC expiration in 2016, and represents an estimated revenue opportunity of at least US$2.3 billion for Canadian Solar under a build and sell business model.
“The acquisition of Recurrent is an important milestone for us as it significantly expands and strengthens our position in the North American market, and places Canadian Solar firmly among the leading global solar energy companies,” said Dr. Shawn Qu, Canadian Solar Chairman and Chief Executive Officer. “By combining Canadian Solar’s global reach and experience with Recurrent’s proven solar energy development track record in the US and Canada, we are significantly expanding the scale of our solar energy development platform.