Aker Horizons and Hanwha Solutions Join Forces in REC Silicon to Explore US Solar Value Chain Expansion

Aker Horizons ASA's wholly owned subsidiary Aker Horizons Holding AS entered into an agreement with South Korea's Hanwha Solutions Corporation.

November 19, 2021. By News Bureau

Aker Horizons ASA's wholly owned subsidiary Aker Horizons Holding AS entered into an agreement with South Korea's Hanwha Solutions Corporation.
 

Hanwha Solutions will acquire 21,891,275 shares in REC Silicon from Aker Horizons and will subscribe for 48,213,001 new shares in REC Silicon through a private placement in REC Silicon.

Both transactions are conditional upon each other and will be completed simultaneously, and are done at the same share price of NOK 20 per share.

The private placement will provide approximately NOK 964 million in proceeds to REC Silicon, and will be implemented based on the existing authorization granted to the board of REC Silicon.

The share sale will provide proceeds to Aker Horizons Holding AS of approximately NOK 438 million. Following the transaction, Aker Horizons and Hanwha Solutions will each own approximately 16.67 percent of the shares in REC Silicon.

"Aker Horizons develops industrial scale solutions to contribute towards meeting Net Zero by 2050 or sooner," said Kristian Røkke, Chief Executive Officer of Aker Horizons. "REC Silicon is the lowest CO2 footprint producer of polysilicon globally, and we see further potential for positive impact through the development of a US solar value chain. We welcome Hanwha Solutions as a shareholder and partner in the development of REC Silicon with their extensive capabilities and ambitions."

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