Reliance Sells REC Solar Norway to Elkem for $22 Million

17 May 2024 CW Team

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.

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