This study examines effective technology development strategies diversification and collaboration for solar energy companies facing technological turbulence. It used patents and financial data over a five-year period (2008-2012) for 50 solar photovoltaic (PV) technology firms. This study shows that adopting a strategy of technological diversification and R&D collaboration exerts a positive effect on firm performance. In addition, the relation between R&D collaboration strategy and firm performance is strengthened under technological turbulence. This study contributes to the field of sustainable innovation management, as well as energy policy under technological turbulence, through an empirical analysis.