Canadian Solar acquires Recurrent Energy for $265mn

Canadian Solar Recurrent Energy Sharp Corp acquisition California Texas

Canadian Solar (Nasdaq: CSIQ) signed a definitive agreement with Sharp Corp. to acquire solar energy developer Recurrent Energy LLC for $265 million.

The acquisition will increase Canadian Solar’s solar project pipeline by approximately 4 GW to 8.5 GW, and its late-stage project pipeline by approximately 1 GW to 2.4 GW with projects located in California and Texas.

The deal is expected to close before the end of the first quarter 2015, subject to customary closing conditions and regulatory approvals.

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