Sharp Plans to Sell Recurrent for 20 Bln Yen, Kyodo Says

Sharp Corp. (6753) is expected to start negotiations early next year to sell Recurrent Energy LLC for about 20 billion yen ($191 million), Kyodo News agency reported yesterday.

Japanese trading and energy-related companies are among prospective buyers, Kyodo reported, without saying where it got the information. Sharp wasn’t the source for the report, Miyuki Nakayama, a spokeswoman, said by phone today.

Osaka-based Sharp completed the acquisition of Recurrent, a solar project developer in San Francisco, for $305 million in 2010.

Earlier this month, Sharp said it will stop producing solar panels at its plant in Wales by the end of February because its output is not competitive.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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