Hanwha Solutions wraps up acquisition of USD-160m stake in REC Silicon

The Moses Lake polysilicon factory. Source: REC Silicon. License: All Rights Reserved.

January 19 (Renewables Now) - Hanwha Solutions Corp (KRX:009830) has finalised its acquisition of a 16.67% stake in Norway-based polysilicon and silicon gas producer REC Silicon ASA for a total investment of NOK 1.4 billion (USD 159.6m/EUR 140.8m).

Another REC Silicon shareholder, Aker Horizons ASA (OSE:AKH), said in a statement it has concluded the sale of 21.9 million shares in the firm to Hanwha Solutions for NOK 20.00 apiece, or NOK 438 million in total, thus reducing its own stake to 16.67%.

Separately, Hanwha Solutions has bought some 48.2 million new shares in REC Silicon through a private placement at the same price. This transaction brought in about NOK 964 million in proceeds for REC Silicon.

As previously mentioned, REC Silicon will use the investment to support the reopening of its Fluid Bed Reactor (FBR) facility in Moses Lake, Washington, where it used to manufacture granular polysilicon for solar applications. The funds will also allow it to pursue investment opportunities in Butte, Montana.

Hanwha Solutions, through its unit Q Cells, is a manufacturer and supplier of solar photovoltaic (PV) cells and modules, with a 25% share of the US market, where it operates 1.7 GW of annual solar panel production capacity. With the help of REC Silicon, the company plans to establish a low-carbon solar value chain in the US.

(NOK 1.0 = USD 0.114/EUR 0.100)

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