Sharp plans to acquire Recurrent Energy, a solar project developer and generating firm with a 2GW pipeline for $305m.

Once the transaction is complete, Recurrent will retain its name and operate as a subsidiary of Sharp.

Sharp Executive vice president responsible for overseas business Toshishige Hamano said it is essential for Sharp to function as a developer in the photovoltaic field in order to further expand its business in this area.

“With Recurrent Energy’s know-how as a developer, Sharp aims to become a total solutions company in the photovoltaic field, extending from developing and producing solar cells and modules to developing and marketing power generation plants,” Hamano said.