Sharp considering sale of U.S. solar energy unit: Bloomberg

By Reuters

Sep 08, 2014 04:23 AM EDT

Sharp Corp (6753.T) is looking to sell its U.S.-based solar energy development unit Recurrent Energy, Bloomberg reported on Monday, as the Japanese firm winds down its involvement in the solar industry to focus on profitable businesses.

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 UK solar plant and also pulled out of a venture with Italian energy firm Enel SpA (ENEI.MI) to make solar panels and generate solar power.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics