Japan-headquartered Sharp appears to have been trying to sell off Recurrent Energy for a short while, after a series of unconfirmed reports emerged in September that this was the case. At the time a company spokeswoman said that while the company was considering a number of options for Recurrent, including its sale, nothing had been decided.
In the latest turn of events, Japanese financial newspaper Nikkei reported over the weekend that Sharp had agreed the sale as part of an ongoing process to concentrate on its core businesses. So far this has included the company exiting its thin-film join venture (JV) with Enel at a cost of around US$141 million in July and the earlier closure of a PV module assembly plant in Wales, UK. Additionally, the company has been among many in Japan to suffer the effect of a controversial hike in consumption tax.
Recurrent was only purchased by Sharp in 2010. Nikkei claimed that the deal between the two parties had not yielded significant benefit to Sharp, with Recurrent not electing to use its new parent company’s panels in substantial volumes. According to Nikkei the deal with Canadian Solar could be completed by the end of the year.
Reuters news agency reported this morning that Sharp had said since the Nikkei report that it was considering various options including the sale of Recurrent Energy but was yet to make a final decision on the deal. Meanwhile, Sharp announced this morning in Japan that it completed and connected a 2.6MW solar farm project in Tochigi, eastern Japan at the end of November.
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