REC to separate silicon, solar divisions

first_imgREC to separate silicon, solar divisionsNorwegian solar group REC is looking to improve its finances by spinning off its solar and silicon divisions as independent companies. The group also saw second-quarter revenue rise 21% while narrowing its operating loss. July 18, 2013 Edgar Meza Finance Manufacturing Markets Markets & Policy Share Norway’s Renewable Energy Corporation (REC) on Thursday announced a plan to separate its REC Silicon and REC Solar businesses.While the group’s current headquarters are located in Sandvika, Norway, corporate operations for the two newly independent companies will be transferred to new head offices in Singapore for the solar business and the U.S. for the silicon division.The group has been consistently decreasing its presence in Norway since last year while re-focusing its operations overseas.REC will establish REC Solar and REC Silicon as independent listed companies. The group said the move would improve the financing of both companies, with REC Solar established as a debt-free leading provider of solar panels and solutions. The REC parent said it would ensure the companies would have a strong financial base that would provide “a competitive advantage and a solid fundament for both companies going forward.”Ole Enger, REC president and CEO, said: “With these new entities, we are able to launch two independent and strong companies in an industry which is rapidly maturing.”Enger said the current senior management of the solar and silicon segments would head up the new companies after a transitional period.Dividing the company along the segment lines will place the two new entities in favorable positions for future growth, according to Enger. “Solar has become a highly competitive source of energy and we strongly believe the solar industry will experience significant growth over the coming years,” Enger said.”We recognize that it will be increasingly demanding to grow and maintain a leading position with a vertically integrated business model. By launching a pure play solar company and a pure play silicon company, both companies will be in a favorable position for attracting capital, and well equipped to streamline the market approach and stay in the forefront in terms of technology development,” he added.The group will launch the separate entities through a financial transaction whereby REC offers 100% of the shares in REC Solar to the existing REC shareholders. In the transaction, REC Solar is valued at NOK 800 million (€102 million) and the offering is fully underwritten by REC’s largest shareholders.REC Solar have a net cash position of NOK 300 million (€38 million) and apply for a listing on the Oslo Stock Exchange.”With an equity ratio of 67%, REC Solar will be uniquely positioned as one of the few debt free solar panel suppliers in the industry,” the group said.Popular content The Hydrogen Stream: 20 MW green hydrogen plant in Finland, two Australian projects move forward Sergio Matalucci 20 April 2021 pv-magazine.com Storegga, Shell and Harbour Energy want to set up a 20 MW blue hydrogen production facility in the U.K. Australia’s Origin Energy wants to build a hy… Enabling aluminum in batteries Mark Hutchins 27 April 2021 pv-magazine.com Scientists in South Korea and the UK demonstrated a new cathode material for an aluminum-ion battery, which achieved impressive results in both speci… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German engineering association VDMA. 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