Sharp, a Japanese company that designs and manufactures electronic products, has acquired 100% stake in Recurrent Energy (RE), a solar project developer and generating company, for $305m, making Recurrent Energy a wholly owned subsidiary of Sharp.

RE, which currently has a development pipeline of about 2gW, with over 330MW of contracted solar power projects primarily in North America, and other joint development agreements in Europe and the Middle East, will now serve as Sharp’s solar power generation platform.

On the other hand Recurrent Energy will leverage Sharp’s scale and resources to accelerate its growth and create a strong foothold in the solar PV market by working with a variety of vendors to deploy appropriate equipment for its projects based on price and quality.

Sharp executive vice president, Toshishige Hamano said that the Recurrent Energy subsidiary is the primary solar power generation platform for Sharp and expands its PV business into the key area of project development.

“Recurrent Energy’s expertise and relationships will help Sharp become a total solutions company in the PV field, extending from developing and producing solar cells and modules to developing and marketing solar power generation plants,” Hamano said.