September 8, 2014 / 5:53 AM / 3 years ago

Sharp considering sale of U.S. solar energy unit: Bloomberg

1 Min Read

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

TOKYO (Reuters) - Sharp Corp (6753.T) is looking to sell its U.S.-based solar energy development unit Recurrent Energy, Bloomberg reported on Monday, as the Japanese firm winds down its involvement in the solar industry to focus on profitable businesses.

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 UK solar plant and also pulled out of a venture with Italian energy firm Enel SpA (ENEI.MI) to make solar panels and generate solar power.

Reporting by Sophie Knight; Editing by Edwina Gibbs

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