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Update: Q-Cells raises €530 million from REC share sale

Q-Cells raises €530 million from REC share sale. Q-Cells has raised approximately €530 million from the sale of all of its REC owned shares, the company has announced, only hours after saying that a sale would conducted of 84,956,767 shares, or 17.2% of REC's outstanding share capital. The company said that a portion of the net proceeds would be used to repay the current drawdown of its syndicated €360 million credit facility.

In an effort to reduce its debt obligations and interest payments by €20 million per annum, Q-Cells will offer for sale approximately 85 million shares in Renewable Energy Corporation ASA (REC). The sale amounts to approximately 17.2% of REC’s outstanding share capital.

Q-Cells said that REC will continue to be an important partner for Q-Cells as it supplies solar wafers and is partner in Sovello AG, together with Evergreen Solar.

The company expects greater financial flexibility from the sale of REC shares, which will be directed towards long-term future growth.