Update: Sharp aims to get $321m in Recurrent sale, reports say

Electronics giant Sharp plans to raise 25bn yen ($321m) by selling its US-based solar development subsidiary Recurrent Energy, say reports in Japan.

The sale – just two years after Sharp acquired the project developer for $305m – is part of a company-wide restructuring plan that may also see the Japanese firm reduce its solar cell manufacturing capacity, say local media.

Latest reports by Japan's Kyodo news agency claim the Recurrent sale is part of a plan that will also see about 11,000 jobs cut by March 2014, almost one-fifth of the current total.

Recurrent Energy operates 500MW of solar power projects across North America and has a pipeline of 2.5GW.

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