In the latest example of pressure on the solar industry, Recurrent Energy announced Wednesday that it purchased the 350-megawatt solar project pipeline of UPC Solar for an undisclosed amount.

The deal gives San Francisco-based Recurrent—which develops and owns solar plants and then sells the power to clients under long-term contracts—access to project opportunities across the United States and Canada.

The company hopes to have more than 100 MW of Chicago-based UPC Solar’s pipeline projects operational by 2012. Recurrent said it would retain UPC Solar’s development team to complete the Canadian solar projects.

The deal comes as the solar industry faces mounting pressure from an oversupply of solar cells and modules, the global recession, and tight credit markets. Analysts have predicted that many companies would be forced to consolidate to survive through 2009 and that only the strongest companies would survive.

Earlier this month, Spanish power producer Fotowatio bought the core U.S. assets of MMA Renewable Ventures, and in February U.S. solar installer groSolar acquired the residential division of Borrego Solar Systems.

Recurrent was founded in 2006 and last year raised $75 million from Hudson Clean Energy Partners, a private equity firm. Recurrent focuses on smaller utility-scale power projects in the range of 2 MW to 20 MW each for commercial, government and utility customers.

UPC Solar is part of the UPC Energy Group, a renewable energy company with more than 750 MW of power plants in operation.