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Recurrent Energy Continues US Hires Despite Trouble at Parent Sharp
Sharp Corp, deeply in the red, has recently announced that it will cut almost 11,000 jobs (or 18% of its workforce) around the World, and sell many assets. The asset sale may include Recurrent Energy that it bought in 2010 for $305 Million.
Rumor has it that Sharp hopes to get $312 Million for Recurrent Energy, a US solar farm developer. Recurrent is itself in good financial shape, with almost $2 billion in project finance commitments from third parties, according to Recurrent's CEO, Arno Harris.
"We continue to meet and exceed our business goals as we build out our contracted project portfolio," Harris said. The company has "excellent and long-standing relationships with the major financial institutions engaged in the energy sector," Harris added. He expects the company to attract the interest of other financial sponsors in the event that Sharp drops out or reduces its stake.
Troubles at parent companies often lead to the sale of well-performing assets, to extract a good price for them.
Recurrent seems to be one of these well-performing assets, as its CEO affirmed. It continues to hire for US-based positions, and has currently 12 open positions, including 9 posted in Sept. 2012.