Sharp sees immaterial impact from Italian solar JV exit
Jul 25, 2014 - Japan’s Sharp Corp (TYO:6753) expects the sale of its 33.3% shareholding in its Italian solar joint venture to have an immaterial effect on its second-quarter and full-year results in fiscal 2014/15 through March.
In a press release on Thursday, the Japanese group confirmed it would offload its 33.3% interest in thin-film solar cell manufacturer 3Sun Srl to Italian utility Enel Green Power SpA (BIT:EGPW), thus exiting overseas photovoltaic (PV) panel production.
Sharp explained earlier this month that its decision is based on a significant drop in module prices that was “more sudden than expected.” The weakening of the European economy and the reduced feed-in tariffs in key target markets also contributed to the move. Earlier this year, Sharp ceased PV panel manufacturing in the US and UK.
Enel will take full control of 3Sun as it is also acquiring the one-third interest in the solar JV held by Franco-Italian chip maker STMicroelectronics (EPA:STM). The deal is awaiting approvals from certain lender banks and the relevant authorities.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.