Hanwha Solutions to acquire 16.7% stake in Norway's REC Silicon

By Lim Chang-won Posted : November 18, 2021, 17:44 Updated : November 18, 2021, 17:44

[Courtesy of Hanwha Solution]

SEOUL -- Hanwha Solutions, a renewable energy service provider affiliated with South Korea's Hanwha Group, will secure a stable supply of raw materials for solar panels in the United States by acquiring a 16.7 percent stake worth $160.5 million in REC Silicon ASA, a Norway-based company that produces polysilicon, a high purity, polycrystalline form of silicon used as a raw material by the solar photovoltaic and electronics industry.

The date for stock acquisition is January 14 in 2022. Hanwha Solutions said in a regulatory filing on November 18 that the investment is aimed at securing "stability in supplying raw materials for solar power manufacturing" in the United States. The company would secure the same stake as Aker Horizons, a renewables investor based in Norway.

REC Silicon can produce 20,000 tons of polysilicon annually from two U.S. plants. Hanwha Solution has strengthened its U.S. solar energy business, with its subsidiary Hanwha Q Cells operating a solar module facility with an annual production capacity of 1.7 gigawatts in Georgia.
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