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Sharp ..... deal could be completed early next year.

Sharp mulls sale of US solar unit

TOKYO, December 8, 2014

Japan's Sharp Corporation said on Monday it was considering selling its US-based solar energy development unit Recurrent Energy to Canadian Solar but had yet to make a final decision on any deal.

On Sunday, the Nikkei business daily reported Sharp had agreed to sell Recurrent to the Canadian firm for about 30 billion yen ($247 million), and that the deal could be completed early next year.

In a statement concerning Recurrent, Sharp said it was "considering various possibilities including the sale of the company but there are no final decisions at this point."

Sharp paid $305 million in cash in 2010 to acquire Recurrent Energy. Selling the company now would help Sharp to raise capital as it struggles to raise its equity ratio to a healthy level.

This year, Sharp shut down its British solar plant and also pulled out of a venture with Italian energy firm Enel SpA to make solar panels and generate solar power.-Reuters




Tags: Solar Energy | Sharp |

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