Solar cell. Author: Michael Dorausch michaeldorausch.com License: Creative Commons
The Norway-based unit of Chinese-owned Bluestar Elkem Investment Co Ltd has wrapped up its acquisition of solar equipment maker REC Solar ASA’s (OSL:RECSOL) business for roughly NOK 4.3 billion (USD 583.2m/EUR 512.7m).
With this takeover Oslo-based silicon producer Elkem SA seeks to form a “leading integrated photovoltaic (PV) player in a highly fragmented solar market”. The company explained in its press release that the solar-grade silicon offered by Elkem Solar will help REC to further reduce its energy payback time and carbon dioxide (CO2) footprint and at the same time lower solar panel cash costs.
Elkem, part of China National Chemical Corporation, agreed to buy REC Solar in November 2014 in exchange for a cash consideration equal to NOK 108.50 per share. At completion, the vendor noted that the received cash proceeds are equivalent to NOK 107.45 per share.
REC Solar was created in September 2013 as part of Norwegian company Renewable Energy Corp ASA’s move to separate its solar and silicon operations. The firm makes solar wafers, cells and panels in Singapore and is also building and operating solar plants.