Recurrent Energy is Sharp Corp.’s US-based unit for solar energy development may be sold by Canadian Solar Inc. According to the Japanese multinational electronics company, it is still deciding whether or not to proceed. The Nikkei business newspaper reported that Sharp and Canadian Solar had reached an $247million (Y =30 trillion) agreement. This deal would have been completed in 2015.. Sharp claims it’s considering multiple options, including the sale of Recurrent Energy. However, Greentech Media reports that Canadian Solar hasn’t acquired Recurrent Energy. This is still an option for a few bidders. Sharp purchased Recurrent Energy in 2010, for $305 millions. Sharp has a low equity ratio, so such a sale could help to address that problem. Recurrent Energy boasts one of North America’s largest solar portfolios, with a project pipeline of 3.3 gigawatts and more than 1.1GW signed contracts. In 2014, Sharp had abandoned its joint venture with Enel SpA in order to produce solar panels and closed down the British plant. Sharp, which has produced solar panels for over 50 years, was the largest producer of these cells before China. Since its founding in 2006., Recurrent Energy has sold more than 520 megawatts in solar PV projects. It also secured $4 billion in equity and project debt financing.
Sharp may sell its solar unit to Canadian Solar
