Elkem finalizes REC Solar purchase

The Chinese-owned, Norway-based Elkem AS has completed the acquisition of REC Solar, the largest suppliers of solar panels in Europe.

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Bluestar Elkem – a division of state-owned China National Chemical Corporation – has today, via its Norway-based subsidiary Elkem AS, finalized the purchase of Norway’s REC Solar for a reported $640 million.

According to Elkem, which is a leading silicon producer, the acquisition of REC Solar is intended to bring some cohesion to a "highly fragmented solar market" as the company aims to establish itself as a leading PV player.

"Both companies are strongly committed to maintaining the high-quality of REC’s solar panels, optimizing the solar value chain and combining their sales strengths, such as Elkem’s strong position in the construction and building segment through its essential microsilica additive," said a REC statement released today.

Elkem added that REC will be able to reduce its leading energy payback time and CO2 footprint by increasing the share of Elkem Solar Silicon in the manufacturing process, while also bringing down panel costs in line with global prices.

According to Elkem, its high-quality solar grade silicon consumes 75% less energy than conventional production methods.

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Ian Clover

Ian joined the pv magazine team in 2013 and specializes in power electronics (inverters) and battery storage. Ian also reported on the UK solar market, having worked as a print and web journalist in Britain for various multimedia companies, covering topics ranging from renewable energy and sustainability to real estate, sport and film.

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