Hanwha Solutions Becomes Largest Shareholder of US REC Silicon... Expands Solar Power Investment

2023 Clean Polysilicon Production

[Asia Economy Reporter Oh Hyung-gil] Hanwha Solutions has become the largest shareholder by acquiring an additional stake in the U.S. polysilicon manufacturer REC Silicon for 55 billion KRW. This investment aims to strengthen the cost competitiveness of solar products and actively respond to the increasing demand for U.S.-made products.

Hanwha Solutions announced on the 23rd that it will purchase an additional 4.67% stake from Norway's 'Aker Horizons,' a co-major shareholder of REC Silicon, for 44 million USD (approximately 55 billion KRW). Including the existing 16.67% stake, Hanwha Solutions will secure a total of 21.34%, becoming the largest shareholder.

Having invested about 249 billion KRW so far, Hanwha Solutions expects to secure polysilicon for solar use through REC Silicon as early as 2023.

REC Silicon operates two factories in the U.S. At the Moses Lake plant in Washington State, it produces 16,000 tons annually of clean polysilicon with almost zero carbon footprint by utilizing hydropower-based eco-friendly energy. The Butte plant in Montana produces 2,000 tons of polysilicon for semiconductors.

Hanwha Solutions also plans to strengthen its investment in the U.S. solar business. The U.S. is promoting policies such as the Solar Energy Manufacturing for America (SEMA) program, which refunds taxes on solar products produced domestically, along with other policies to foster the eco-friendly energy industry.

A Hanwha Solutions official stated, "We are reviewing plans to expand investment in the solar business in line with the U.S. government's support policies for stable energy supply and climate crisis response."