The conclusion of the deal which drove Sharps shares up 10.38% on Monday, closing at 117 yen comes slightly more than a month after reports emerged that Sharp may start supplying solar panels to utility-scale projects in the Philippines, Indonesia, Mongolia and undisclosed European markets.
Foxconn chairman Terry Gou has vowed to preserve the Osaka-based company’s solar business, which dates back to the early 1960s, when it started manufacturing PV cells.
However, beyond vague assurances to leverage Sharps expertise in solar, storage and energy-management solutions, Gou has yet to disclose any detailed plans.
Foxconn executive vice president Tai Jeng Wu, who has replaced Kozo Takahashi as president and CEO as part of the deal, is expected to outline his vision for Sharp later this month.
Sharp which posted an operating loss for the seventh consecutive quarter in the April-June period of 2.5 billion yen has significantly scaled back its global solar business in recent years, in favour of focusing on the Japanese market, where growth momentum is increasingly shifting from utility-scale build-out to the rooftop segment.
The company did not immediately respond to requests to comment on the finalization of the Foxconn stake acquisition.