Reliance Sells REC Solar Norway to Elkem for $22 Million
POWER & RENEWABLE ENERGY

Reliance Sells REC Solar Norway to Elkem for $22 Million

Reliance Industries Ltd announced on Thursday the completion of the sale of its subsidiary, REC Solar Norway AS, to Oslo-listed Elkem ASA for approximately USD 22 million. REC Norway, a wholly-owned unit of REC Solar Holdings, specializes in manufacturing kerf-based polysilicon in Scandinavia.

This divestment follows Reliance's acquisition of REC Solar Holdings in October 2021 for an enterprise value of USD 771 million. The acquisition was a strategic move by the Indian conglomerate to expand its footprint in the alternative energy sector.

The sale agreement, which was finalized on January 14, 2024, involves the transfer of 100% equity stake in REC Solar Norway AS to Elkem ASA, a well-established silicon-based materials provider founded in 1904 and listed on the Oslo Stock Exchange.

"Consequently, REC Norway has ceased to be a subsidiary of the company," Reliance stated in a filing with the stock exchange. Despite the sale, Reliance retains the technology and intellectual property rights associated with kerf-based polysilicon.

In 2022, REC Norway reported a turnover of NOK 1.1 billion and a net worth of NOK 0.3 billion, contributing marginally to Reliance's consolidated financial metrics. The divestment aligns with Reliance's strategic restructuring while it continues to hold significant assets and operations within REC Solar Holdings AS, focusing on the manufacturing and sale of solar PV HJT cells and modules.

Reliance's initial acquisition of REC Solar Holdings from China National Bluestar Group Co was part of a broader initiative led by chairman Mukesh Ambani to invest USD 10 billion in green energy over three years. The company's plans include leveraging REC's technology at its Jamnagar gigafactory in Gujarat to produce metallic silicon and solar panels, aiming to strengthen its position in the global green energy market.

Reliance Industries Ltd announced on Thursday the completion of the sale of its subsidiary, REC Solar Norway AS, to Oslo-listed Elkem ASA for approximately USD 22 million. REC Norway, a wholly-owned unit of REC Solar Holdings, specializes in manufacturing kerf-based polysilicon in Scandinavia. This divestment follows Reliance's acquisition of REC Solar Holdings in October 2021 for an enterprise value of USD 771 million. The acquisition was a strategic move by the Indian conglomerate to expand its footprint in the alternative energy sector. The sale agreement, which was finalized on January 14, 2024, involves the transfer of 100% equity stake in REC Solar Norway AS to Elkem ASA, a well-established silicon-based materials provider founded in 1904 and listed on the Oslo Stock Exchange. Consequently, REC Norway has ceased to be a subsidiary of the company, Reliance stated in a filing with the stock exchange. Despite the sale, Reliance retains the technology and intellectual property rights associated with kerf-based polysilicon. In 2022, REC Norway reported a turnover of NOK 1.1 billion and a net worth of NOK 0.3 billion, contributing marginally to Reliance's consolidated financial metrics. The divestment aligns with Reliance's strategic restructuring while it continues to hold significant assets and operations within REC Solar Holdings AS, focusing on the manufacturing and sale of solar PV HJT cells and modules. Reliance's initial acquisition of REC Solar Holdings from China National Bluestar Group Co was part of a broader initiative led by chairman Mukesh Ambani to invest USD 10 billion in green energy over three years. The company's plans include leveraging REC's technology at its Jamnagar gigafactory in Gujarat to produce metallic silicon and solar panels, aiming to strengthen its position in the global green energy market.

Next Story
Infrastructure Energy

NTPC Signs $11.5 Billion Clean Energy Deals in Chhattisgarh

Juniper Green Energy has successfully commissioned a 100-MW solar power project aimed at supplying electricity to Bhutan, marking a significant milestone in regional energy integration. According to the company's statement, the project facilitates a crucial cross-border agreement allowing Bhutan to receive 50% of the power generated during the winter months. This arrangement permits Bhutan to directly import power from an Indian generator under an established bilateral trade framework. Located in Rajasthan, the solar project contributes a total generation capacity of 100 MW. Highlighting the..

Next Story
Infrastructure Energy

Juniper Green Commissions 100-MW Solar Project for Bhutan

The New Delhi Municipal Council (NDMC) held its first council meeting since the Delhi Assembly polls focusing on a comprehensive Summer Action Plan aimed at achieving 100% solar energy adoption by 2026. The meeting, led by MP Bansuri Swaraj, began with the swearing-in of three new NDMC members — Delhi Minister and New Delhi MLA Parvesh Sahib Singh, Delhi Cantt. MLA Virender Singh Kadian, and Ravi Kumar Arora, Additional Secretary of the Ministry of Housing and Urban Affairs. Solar Energy Push NDMC Vice Chairman Kuljeet Singh Chahal announced the civic body's ambitious solar energy plans, ..

Next Story
Infrastructure Energy

NDMC Pushes for 100% Solar Energy by 2026

Mumbai-based energy storage startup AmpereHour Energy has raised $5 million from Avaana Capital, with participation from UC Impower and other angel investors. Founded in 2017 by IIT Bombay alumni, AmpereHour Energy focuses on building AI/ML-enabled Energy Storage Systems ranging from kW/kWh scale systems for Mini-grids to MW/MWh scale systems compatible with solar PV and wind plants. The systems are designed to be plug-and-play, integrated with the company’s proprietary Energy Management platform, Elina. The fresh capital will be directed towards expanding manufacturing and software capabi..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?