Sharp to sell off Recurrent Energy?

Share

According to the Japan Times, Sharp Corporation is planning to scale back its global solar operations, including selling off Recurrent Energy, of which it is a 100% stakeholder following its US$305 million acquisition of the company in November 2010. Reportedly, the only solar business it intends to hold onto is its cell production plant in Sakai, Osaka Prefecture.

Bloomberg has additionally reported today that Sharp presented a plan to its lenders on September 24 which, in addition to shedding Recurrent Energy, includes 10,000 job cuts, sales of television factories in Mexico, China and Malaysia, and sales of its Toshiba Corp. shares.

A spokesperson for Recurrent Energy told pv magazine that there has been no official announcement by Sharp on the matter. They additionally provided CEO Arno Harris’ perspective on the news.

"With almost 700 MW of contracted projects and a 2.5 GW project pipeline, Recurrent Energy’s business is strong, profitable and growing. We continue to meet and exceed our business goals as we build out our contracted project portfolio. To date we have secured almost $2B in project finance commitments from third parties and have ample capital to execute on all existing projects," said the CEO.

"Recurrent Energy has excellent and long-standing relationships with the major financial institutions engaged in the energy sector, and we have every confidence, based on our industry-leading position in North America and our strong profitability, that Recurrent Energy will retain the interest of financial sponsors, whether Sharp, a new sponsor, or a combination of the two."

He concluded, "The manufacturing side of the solar industry is experiencing some growing pains, but cost reductions continue to drive a robust market for leading developers like Recurrent Energy. Realignment is a natural part of industry maturity , which will ultimately unlock tremendous value, stimulate a new era of growth and make solar a pillar of mainstream energy markets."

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Chinese developer switches on world’s largest perovskite-based PV plant

09 December 2024 MicroQuanta, a Chinese perovskite solar specialist, has commissioned a 8.2 MW PV facility based on its 90 W perovskite panels in eastern China.

Share

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.