Sharp sells solar subsidiary to improve profits
Print Edition
JAPAN’S Sharp Corp is to sell solar subsidiary Recurrent Energy LCC to a US unit of Canadian Solar Inc for US$265 million, the company said yesterday in its latest move to shut down overseas operations to improve profitability.
“As the development business needs sufficient funds for initial development costs and its profits are highly variable, Sharp decided to transfer all the interests in Recurrent to Canadian Solar Energy Acquisition,” the statement said.
Sharp paid US$305 million for San Francisco-based Recurrent in 2010.
The exit further frees the Osaka-based company to focus on its home market, after it faced pressure from cheaper panels made by Chinese rivals.
Sharp, which has been developing solar panels since 1959, withdrew from company’s last overseas panel manufacturing plant in Italy last year, and stopped making panels at plants in the US and UK as well.
According to figures by IHS Research, seven Chinese firms were listed as the top 10 global solar panel suppliers in 2014, accounting for nearly 60 percent of all panels produced.
“Japanese companies won’t expand on photovoltaic production since they realize the price-quality ratio of Chinese products is rather competitive,” said Zhang Shuai, a Sinolink Securities analyst.
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