By Acquiring Additional Stake from Aker Horizons of Norway
Hanwha Solutions will become the largest shareholder of REC Silicon, a U.S. polysilicon producer, by acquiring an additional stake in the company.
Hanwha Solutions announced on March 23 that it will purchase an additional 4.67 percent stake in REC Silicon from Aker Horizons of Norway, the co-largest shareholder, for US$44 million (about 55 billion won).
Hanwha Solutions's stake will increase from the current 16.67 percent to 21.34 percent. Its total investment amount will rise to about 249 billion won.
“We are expecting to secure polysilicon for solar power generation through REC Silicon as early as next year,” a Hanwha Solutions official explained,
REC Silicon is listed on the Oslo Exchange in Norway and has two factories in the United States. In Moses Lake, Washington, it can annually produce 16,000 tons of clean polysilicon with almost no carbon footprint by using eco-friendly energy based on hydroelectric power generation. It can also produce 2,000 tons of polysilicon for semiconductors at its plant in Butte, Montana of the United States.