Business

Sharp to take loss on U.S. solar unit

Kyodo

Struggling Sharp Corp. is arranging to sell its solar power project development subsidiary in the United States, sources 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 electronics maker once planned to sell the wholly owned unit based in San Francisco in 2012 as part of restructuring efforts, but could not find any takers for the price.

It has since been pressured into lowering the sale price because its main creditor banks want it to have more cash.

Sharp bought Recurrent Energy in 2010 for about ¥25 billion to make inroads into the power generating business in North America.

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