Tags: Sharp | Solar Developer | Recurrent Energy | Sale

Sharp Putting Solar Developer Recurrent Energy Up for Sale

Monday, 08 Sep 2014 09:49 AM

Sharp Corp., the Japanese electronics maker, is seeking to sell its U.S. solar-energy development unit Recurrent Energy.

Sharp has retained Bank of Nova Scotia to help shop San Francisco-based Recurrent, according to documents obtained by Bloomberg.

“Sharp is considering various options for Recurrent including sale of the company, but nothing has been decided at this point,” spokeswoman Miyuki Nakayama said by phone.

Recurrent declined to comment on Sharp’s strategy, the company said in an e-mailed statement.

The deal is Sharp’s latest step back from the solar industry. The company stopped making panels in the U.S. and U.K. this year and pulled out of an Italian panel-manufacturing joint venture. Profit in the Osaka-based company’s energy unit plunged 97 percent in its first fiscal quarter as its residential solar sales slumped in Japan.

Sharp bought Recurrent in 2010 for $305 million. Selling the unit would help Sharp raise capital.

Sharp fell 4 yen, or 1.2 percent, to 328 yen at the close of trading in Tokyo today. The Nikkei 225 stock average gained 0.2 percent.

Recurrent has developed and sold more than 680 megawatts of projects in the U.S. and Canada, and has more than 4.3 gigawatts under development, according to the company.

Sharp had sought bids from other Japanese trading and energy companies, Kyodo News reported without attribution on Aug. 1.

Google Inc. and KKR & Co. agreed in November to buy six Recurrent solar projects in California and Arizona in a $400 million transaction.

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Sharp Corp., the Japanese electronics maker, is seeking to sell its U.S. solar-energy development unit Recurrent Energy.
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Monday, 08 Sep 2014 09:49 AM
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