Aker Horizons sells remaining shares in REC Silicon to Hanwha Solutions in ‘major step’ for US solar manufacturing

Facebook
Twitter
LinkedIn
Reddit
Email
Hanwha Q CELLS has a 1.7GW module factory in the US, which relies on the supply of polysilicon. Image: Hanwha

Aker Horizons ASA has agreed to sell its remaining shares in Norwegian polysilicon producer REC Silicon to South Korean chemical company Hanwha Solutions Corporation in what Aker has said is a “major step in rebuilding the US solar supply chain”.

In November, Hanwha bought a 16.67% stake in REC Silicon in a deal worth around US$160 million, with Hanwha Solutions looking to reopen REC Silicon’s 20,000MT Moses Lake polysilicon factory in the US.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Now, Aker has announced it will sell its remaining 70.1 million shares in REC Silicon at NOK20 per share (US$2.29), which was just above the last share purchase price of US$2.28. The deal sees Aker Horizons collect NOK1,402 million (US$160 million) in total proceeds and Hanwha become REC Silicon’s largest shareholder with a 21.34% ownership share.

Last November’s transaction was expected to provide REC Silicon with enough capital to restart its operations at the 20,000MT Moses Lake polysilicon facility in Washington during 2023.

The site employs fluidised bed reactor (FBR) technology to produce granular polysilicon, which REC Silicon said uses 90% less power than the traditional Siemens process.

“Hanwha is a leading solar PV manufacturer globally, operating the largest module production plant in the US, while REC Silicon is the polysilicon producer with the lowest CO2 footprint worldwide,” said Kristian Røkke, CEO of Aker Horizons. “Hanwha has the right expertise to contribute to the successful reopening of Moses Lake.”  

The restart of Moses Lake is in line with US government objectives of developing a domestic manufacturing base and was already more likely following recent policy initiatives unveiled by US President Joe Biden, REC Silicon had previously said.

Hanwha Solutions, through its subsidiary Hanwha Q CELLS, already operates a 1.7GW module factory in the US.

The transaction is expected to be completed before REC Silicon’s annual general meeting in May. Kristian Røkke will step down as chairman of the board of REC Silicon following the transaction.

An extraordinary general meeting in REC Silicon will be called for to appoint new board members.

17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.
7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

Read Next

June 9, 2025
Solar manufacturer Qcells has launched a recycling arm, called EcoRecycle, and a recycling plant in the US state of Georgia.
Premium
June 9, 2025
N-type polysilicon prices have dropped to RMB34,000/ton as the project installation rush ends, putting cost pressure on the industrial chain.
June 9, 2025
Growing political headwinds threaten to dent US solar manufacturing and project deployment, despite a strong start to 2025.
June 9, 2025
US residential solar installer Sunnova has laid off more than half of its workforce, while a subsidiary from Delaware filed for Chapter 11 bankruptcy.
June 6, 2025
rPlus Energies has secured more than US$500 million for an 800MW solar-plus-storage project in Emery County, Utah, US.  
June 5, 2025
Policy uncertainty in the US is likely to disrupt investment in clean energy, according to a recent report from Crux.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece