Recurrent Energy to buy rival’s 350 MW project pipeline

San Francisco-based solar developer announced on Wednesday that it will purchase a 350-megawatt project portfolio from . The two private companies  have not disclosed terms of the deal.

The assets are either on the drawing board or further along in development and are located across the U.S. and in Canada, mostly in Ontario.

The deal comes as cleantech companies are wrestling with a credit freeze that makes it nearly impossible to fund projects. Although the federal stimulus is expected to change that, it could be a while before these funds reach developers. This has forced some of them to sell key assets as a way to raise cash.

About the acquisition Recurrent CEO Arno Harris says the ongoing economic crisis has created a buyers market. He tells Green Wombat:

“Since the financial crisis set in last year we’ve kept an eye out for opportunities to pick up a pipeline of projects. You’re seeing companies like Recurrent that are well-capitalized take advantage of the market consolidation.”

The deal follows First Solar’s $400 million acquisition of the 1,850-megawatt development pipeline of Silicon Valley developer OptiSolar, including a 550-megawatt plant it is developing in Central California for Pacific Gas and Electric. This month Spanish developer Fotowatio bought projects from MMA Renewable Ventures for $19.7 million.

Unlike some of its peers Recurrent is cash-rich thanks to a $75 million capital infussion last July from clean energy-focused private equity fund Hudson Clean Energy.

The deal gives Recurrent an entry in the Ontario clean energy market and its lucrative feed-in tarriffs for solar generation projects. for more on that, see here.

Current says it will finance and develop the UPC project and expects to have 100 megawatt come online by 2012.