Bluestar Elkem a division of state-owned China National Chemical Corporation has today, via its Norway-based subsidiary Elkem AS, finalized the purchase of Norways 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 RECs solar panels, optimizing the solar value chain and combining their sales strengths, such as Elkems 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.