Reliance Industries completes sale of REC’s polysilicon unit

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From pv magazine India

RIL has announced that its REC Solar Holdings AS unit has completed the sale of its kerf-based polysilicon manufacturing division, REC Solar Norwa,y to Elkem ASA, an Oslo-listed, silicon-based material supplier.

The announcement follows RIL’s disclosure in January about the signing of a share purchase agreement between REC Solar Holdings and Elkem ASA. Under the terms of the deal, REC Solar Holdings agreed to sell its 100% equity stake in REC Solar Norway AS (REC Norway) for an aggregate cash consideration of $22 million.

Notably, REC Norway closed its polysilicon production operations in Kristiansand and Porsgrunn, Norway, in November 2023.

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“We have reached the point where it is unfortunately not possible to make the production of high-purity silicon in Norway viable,” REC CEO Jan Enno Bicker said at that time.

RIL will retain the technology and intellectual property rights of kerf-based polysilicon following the completion of the REC Solar Norway sale. REC Solar Holdings AS and its subsidiaries remain RIL’s subsidiaries.

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