Sharp Sells Recurrent to Canadian Solar for $265 Million
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Sharp Corp. will sell its Recurrent solar operation to a U.S. unit of Canadian Solar Inc. for $265 million, or 13 percent less than it paid five years ago, in the latest move to scale back operations outside Japan.
Sharp paid $305 million for San Francisco-based solar-development unit Recurrent Energy LLC in 2010 and had been looking for a buyer since at least September. The sale will be completed in March, Sharp said in a statement today as it also forecast an annual loss of 30 billion yen ($257 million).