PVTIME – On January 24, 2024, Reliance Industries, has announced that it is selling REC Solar Norway, the polysilicon manufacturing subsidiary of REC Solar Holdings, to Elkem ASA, a supplier of silicon-based materials, for $22 million.
REC Solar Holdings, a subsidiary of Reliance Industries, has signed a share purchase agreement with Elkem ASA for the sale of its 100% interest in REC Solar Norway.
After the transfer is complete, REC Solar Holdings AS and its subsidiaries will continue to manufacture and sell solar PV HJT cells and modules as subsidiaries of Reliance Industries. Elkem is expected to expand its existing operations, achieve local synergies, further develop its Fiskaa site, and pursue new opportunities. The downsizing process of polysilicon producers in the industry as a whole will not be affected by the change of ownership, so Elkem will not be restarting the previous business model of REC Solar Norway.
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