December 8, 2014 / 2:47 AM / 3 years ago

Sharp says considering selling U.S. solar unit

TOKYO (Reuters) - (The story removes erroneous references to Canadian Solar in headline and throughout story text. To be followed by repeated corrected story with new slug dropping reference to Canadian Solar.)

A pedestrian walks past a logo of Sharp Corp at a train station in Tokyo February 3, 2014. REUTERS/Yuya Shino

Japan’s Sharp Corp said on Monday it was considering selling its U.S.-based solar energy development unit Recurrent Energy, but had yet to make a final decision on any deal.

On Sunday, the Nikkei business daily reported Sharp had agreed to sell Recurrent for about 30 billion yen ($247 million), and that the deal could be completed early next year.

In a statement concerning Recurrent, Sharp said it was “considering various possibilities including the sale of the company but there are no final decisions at this point.”

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 British solar plant and also pulled out of a venture with Italian energy firm Enel SpA to make solar panels and generate solar power.

Reporting by Osamu Tsukimori; Editing by Kim Coghill, Miral Fahmy and Christian Plumb

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