Canadian Solar (Nasdaq: CSIQ) completed the acquisition of solar developer Recurrent Energy from Sharp Corp.
The transaction was supported by Export Development Canada’s issuance of Performance Security Guarantee of up to $75 million. In addition, Credit Suisse will provide Recurrent Energy with a $150 million, one-year senior secured bridge loan. With the closing of the merger, David Brochu, Recurrent’s previous Chief Operating Officer, was appointed as Recurrent’s Chief Executive Officer to replace Arno Harris. Michael Metzner, Recurrent’s Chief Financial Officer, is stepping down from his role.
The acquisition increases Canadian Solar’s total solar project pipeline by 4 GW to a total of 8.5 GW. Recurrent has seven late-stage solar projects totaling 1 GW located in California and Texas that are expected to be built and connected to the grid before the expiration of the Investment Tax Credit (ITC) at the end of 2016. The late-stage projects all have long-term power purchase agreements.
Subscribe to Power Engineering magazine