Canadian Solar redeems Recurrent Energy, LLC controlled by Sharp Corporation
Sharp and Canadian Solar announced about signing the final agreement in amount of $265 million on February 2.
After completing the deal Canadian Solar would twice increase its developing projects portfolio and reach total capacity up to 8,5 GW. It is worth mentioning the last project implemented by Recurrent company in California and Taxes was the largest in the utility area and planned to be completed in 2016. It was designed for sale and supposed to bring profit in amount at least $2,3 billion.
This deal will strengthen Canadian Solar positions. The company is a leading solar power producer and has the world diversified projects portfolio with low risk geography. Also it either improve company’s possibilities in project enlargement and investment volume or increase chance for own public trade company establishment providing flow of cash. Such steps take all the companies engaged in the renewable energy industry as they want to indemnify their investors from risks of changing government.
Shawn Qu, Chief Executive Officer at Solar Canadian announced the deal of purchasing Recurrent would both enlarge and strengthen companies’ positions at the North American market and put it alongside the world wide leading manufacturers of solar energy. Besides business strategy vision will be improved in order to convert from designing and constructing to managing and owing the solar power stations that would bring additional profit to their shareholders.
Arno Harris, General Manager at Recurrent Energy remarked that he shared ideas of a new managing company as for the solar energy future and upcoming cooperation of two companies would make solar power the leading energy market.
The deal is expected to be completed during the first quarter of the current year after agreeing all the term and conditions. Financial support from the buyer’s part is provided by the Credit Suisse Bank and Foley & Lardner LLP. The Bank of Tokyo-Mitsubishi and Orrick, Herrington & Sutcliffe LLP are acting from the seller’s part.
Canadian Solar redeems Recurrent Energy, LLC controlled by Sharp Corporation
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