Artes Acquires Sharp's US Solar Division for $247 Million

On December 7, according to Reuters News, Sharp announced that it will sell Reuter Energy, its US solar energy development division, to Altus Solar for approximately 30 billion yen (US$247 million).

The unquoted source said that Sharp hopes to reach a basic agreement with Canadian Solar by the end of this month and complete the sale before the spring. Sharp cannot comment immediately.

Sharp acquired Recurrent Energy in cash for $305 million in 2010. Sharp is committed to raising the equity ratio to a good level. Selling this division will help Sharp raise capital. This year Sharp shut down the British solar plant and withdrew from the joint venture with Italian energy company Enel SpA to produce solar panels and solar power.