As part of a global ramp-down of its solar operations, Sharp Corp. may sell off subsidiary Recurrent Energy LLC, a U.S.-based solar project developer. The restructuring plan is expected to be submitted to creditors, according to The Japan Times.
Sharp has yet to make an official announcement regarding the status of Recurrent Energy. Recurrent's CEO, Arno Harris, said the company expects its 2.5 GW project pipeline to remain intact, whether or not Sharp drops its ownership stake.
‘We continue to meet and exceed our business goals as we build out our contracted project portfolio,’ Harris said in an emailed statement. ‘To date, we have secured almost $2 billion in project finance commitments from third parties and have ample capital to execute on all existing projects.’
The company has ‘excellent and long-standing relationships with the major financial institutions engaged in the energy sector,’ Harris added. He expects the company to attract the interest of other financial sponsors in the event that Sharp drops out or reduces its stake.
‘Realignment is a natural part of industry maturity, which will ultimately unlock tremendous value, stimulate a new era of growth and make solar a pillar of mainstream energy markets,’ Harris said.