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Sunday, December 7, 2014

Sharp says considering selling U.S. solar unit to Canadian Solar, (NASDAQ: CSIQ)

Japan's Sharp Corp said on Monday it was considering selling its U.S.-based solar energy development unit Recurrent Energy to Canadian Solar Inc , but had yet to make a final decision on any deal.On Sunday, the Nikkei business daily reported Sharp had agreed to sell Recurrent to the Canadian firm for about 30 billion yen ($247 million), and that the deal could be completed early next year.In a statement concerning Recurrent, Sharp said it was "considering various possibilities including the sale of the company but there are no final decisions at this point."Sharp paid $305 million in cash in 2010 to acquire Recurrent Energy. Selling the company now would help Sharp to raise capital as it struggles to raise its equity ratio to a healthy level.

Canadian Solar Inc. (CSI) designs, develops, and manufactures solar wafers, cells and solar module products that convert sunlight into electricity for a variety of uses. Shares of CSIQ traded higher by 4.68% or $1.115/share to $24.92. In the past year, the shares have traded as low as $21.38 and as high as $44.50. On average, 3939620 shares of CSIQ exchange hands on a given day and today's volume is recorded at 3474120.