Aker Horizons to sell staying REC Silicon shares to Hanwha
- Aker Horizons ASA (OSE: AKH) announced on Wednesday it has actually agreed to take care of its continuing to be shares in Norway-based polysilicon and silicon gas producer REC Silicon ASA to South Korea's Hanwha Group.
Under the terms of the bargain, fully-owned unit Aker Horizons Holding AS will certainly offer 70.1 million REC Silicon shares to Hanwha Solutions Corp (KRX:009830) and also Hanwha Corp (KRX:000880) for overall earnings of about NOK 1.4 billion (USD 160m/EUR 145m), or NOK 20 apiece.
Subject to a normal anti-trust declaring in the US, the purchase is expected to close prior to REC's annual general conference that is scheduled for May 2022.
"Today's statement is a significant step in restoring the US solar supply chain. Hanwha is a leading solar PV supplier internationally, running the largest module production plant in the United States, while REC Silicon is the polysilicon producer with the lowest CO2 impact worldwide. Hanwha has the ideal expertise to add to the effective reopening of Moses Lake," commented Kristian Rokke, Chief Executive Officer of Aker Horizons.
REC's center in Moses Lake, Washington, was shut down in 2019 due to the effects of Chinese tariffs on US-made polysilicon, unclear market conditions as well as reduced demand for the company's solar-grade polysilicon.