Japanese electronics manufacturer Sharp has decided to terminate its joint venture with Italian renewable energy company Enel in a bid to re-structure its business.
Sharp plans to sell its entire stake in 3Sun operation in Sicily, that produces solar panels, reported Kyodo news agency of Japan.
The large facility was set up by partners Sharp, Enel and Switzerland-based STMicroelectronics in June 2010 for a total investment of €49m ($64.6m).
Sharp recorded a net loss of €3.3bn ($4.35bn) in 2011 and seeks to return to profitability with the sale of its solar business.
The company plans to exit the business of manufacturing and distribution of solar cells and solar panels in American and rest of Europe by March 2013 and turn focus to the Japanese and Asian markets.
Sharp is also considering the sale of its 50% interest in another European solar-panel manufacturing facility, which the company jointly owns with Enel.