Sharp Corporation is seeking to sell its U.S. solar-energy development unit Recurrent Energy because of retreats from the U.S. and the U.K. markets.

Sharp has retained Bank of Nova Scotia to help shop San Francisco-based Recurrent, according to documents obtained by Bloomberg. Profit in Osaka-based Sharp’s energy unit plunged 97% in its first fiscal quarter as residential solar sales slumped in Japan.

The sale would be Sharp’s latest step back from the solar industry. The company stopped making panels in the U.S. and U.K. this year and pulled out of an Italian panel-manufacturing joint venture.

“Sharp is considering various options for Recurrent including sale of the company, but nothing has been decided at this point,” Miyuki Nakayama, a spokeswoman for Sharp, said by phone.

"Recurrent declined to comment on Sharp’s strategy," the company said in an e-mailed statement. "Last year Recurrent raised more than $2.3 billion in equity and debt financing and brought 303MW into operation."