Sharp mulls selling U.S. solar power developer subsidiary
(Japan Economic Newswire Via Acquire Media NewsEdge) OSAKA, Dec. 25 -- (Kyodo) _ Struggling Sharp Corp. is arranging to sell its solar power project developer subsidiary in the United States, sources close to the matter said Wednesday.
Recurrent Energy LLC is to be offered for sale to companies in the energy business including Japanese trading firms, with full-fledged negotiations expected to begin early next year, the sources said.
The Japanese electronics maker once planned to sell the wholly owned subsidiary based in San Francisco in 2012 as part of its restructuring efforts, but could not reach a deal at the price it set.
Sharp has since been pressured into lowering the sale price as main creditor banks want it to have more cash.
Sharp bought Recurrent Energy in 2010 for about 25 billion yen to make inroads into the power generating business in North America.
(c) 2013 Kyodo News International, Inc.
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