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Sharp May Sell Its US Solar Business to Canadian Solar

published: 2014-12-09 11:01

Sharp Corp., a Japan-based manufacturer, said on Monday that it was considering selling Recurrent Energy, its U.S. solar sector to Canadian Solar. But it had yet to make any deal.

Reuters said that Sharp was reported to sell Recurrent for about 30 billion yen (approx. US$247 million), and the deal may be completed next year. Nonetheless, Sharp wrote in a statement concerning Recurrent that it was “considering various possibilities including the sale of the company but there are no final decisions at this point.”

In a report published by Nikkei business daily, it was claimed that Sharp may sell Recurrent to Canadian Solar. Sharp paid US$305 million in cash in 2010 to acquired Recurrent Energy, and the sale shall help Sharp to raise its equity ratio to a healthy level by raising its capital, said Reuters.

Recurrent is the second venture to be sold by Sharp. This year, Sharp existed from the European market by shutting down its British solar plant and pulled out of a venture with Enel SpA.

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