Reliance Industries Subsidiary, REC Solar Holdings, to Sell REC Solar Norway Stake for $22 Million

15 Jan 2024 , 10:36 AM

REC Solar Holdings, a subsidiary of India’s Reliance Industries Limited, is set to divest its entire 100% equity stake in REC Solar Norway to Elkem ASA for a cash consideration of $22 million. This strategic move aligns with the industry trend of streamlining operations and focusing on more lucrative segments within the renewable energy sector.

The sale of REC Solar Norway, known for its proficiency in solar photovoltaic (PV) technology, represents a pivotal step in the consolidation strategy prevalent in the renewable energy industry. By offloading this stake, REC Solar Holdings aims to enhance its strategic position and address market demands more efficiently.

Elkem ASA, a prominent player in silicon-based advanced materials, intends to leverage the acquisition to reinforce its capabilities in the renewable energy domain. This move is expected to contribute to Elkem ASA’s market standing and foster expansion.

Beyond the specific transaction, the deal between REC Solar Holdings and Elkem ASA reflects broader industry dynamics. It underscores the ongoing transformations in the renewable energy sector, with companies strategically reconfiguring themselves to align with market demands and emerging trends. The acquisition signifies the growing emphasis on renewable energy and the strategic maneuvers companies are making to capitalize on this evolving priority.