Aker Horizons closes USD-145m REC Silicon stake sale to Hanwha

Aker Horizons ASA (OSE:AKH) today announced the completion of the previously announced sale of its remaining shares in Norway-based polysilicon and silicon gas producer REC Silicon ASA to South Korea’s Hanwha Group.

In a bourse filing, Aker Horizons said it has sold all of its 70.1 million shares in REC Silicon at a price of NOK 20.00 per share. This corresponds to a total payment of about NOK 1.4 billion (USD 145.4m/EUR 137.6m).

The buyers are Hanwha Solutions Corp (KRX:009830) and Hanwha Corp (KRX:000880).

Following the transaction, Kristian Rokke has stepped down as the chairman of the board of REC Silicon.

Hanwha Solutions, which owns solar panel manufacturer Q Cells, has already unveiled plans for a multi-billion-dollar investment across the full solar value chain in the US in a number of phases. The plan revolves around Q Cells’ existing 1.7-GW solar panel factory in Georgia and REC Silicon’s currently idle polysilicon production facility in Moses Lake, Washington.

(NOK 10 = USD 1.037/EUR 0.981)

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