Canadian Solar completes US$265 million Recurrent Energy acquisition

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Canadian Solar has completed its US$265 million acquisition of Sharp’s solar energy developer Recurrent Energy and enacted a shake-up of its senior management team.

The deal, announced publicly last month, has gone through after Export Development Canada issued a performance security guarantee of up to CA$75 million to backstop letters of credit issued against Recurrent’s project development obligations.

Recurrent will also be backed by a US$150 million one-year senior secured bridge loan, issued by Credit Suisse.

The transaction closed yesterday and was met with the immediate appointment of David Brochu as Recurrent’s new chief executive , replacing Arno Harris who has left the firm.

Brochu has been with Recurrent since 2009 when the firm purchased Chicago-based solar PV developer UPC Solar.

“We look forward to transitioning our business model to own and operate assets, as we embark on construction of more than 1GW of solar PV projects over the next two years,” he said.

The senior management restructure also includes the departure of Recurrent’s CFO Michael Metzner, however Canadian Solar has not provided details of his replacement.

The deal will see Canadian Solar gain a strategic foothold in the lucrative US market ahead of the planned cutting of the federal Investment Tax Credit (ITC) next year.

Canadian Solar’s total project pipeline will swell to a total of 8.5GW, including approximately 1.4GW of additional late-stage energy capacity separate between seven individual projects. The company said the projects would form the “cornerstone” of its plans to launch a spin-off yield-co project investment vehicle in the coming months.

A total of 1GW is located in California and Texas and are expected to be connected to the US grid before the ITC cut.

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