Aker Horizons: Sale of shares in REC Silicon ASA to Hanwha

Aker Horizons ASA's wholly owned subsidiary Aker Horizons Holding AS ("Aker Horizons") has today entered into an agreement with South Korea's Hanwha Solutions Corporation and Hanwha Corporation (together, "Hanwha") to sell all of Aker Horizons’ shares in REC Silicon ASA ("REC Silicon").

Aker Horizons will sell 70,104,276 shares in REC Silicon at a purchase price of NOK 20 per share, resulting in total proceeds to Aker Horizons of approximately NOK 1,402 million. Following completion of the transaction, Aker Horizons will no longer own any shares or hold any voting rights in REC Silicon.

“Today’s announcement is a major step in rebuilding the US solar supply chain. Hanwha is a leading solar PV manufacturer globally, operating the largest module production plant in the US, while REC Silicon is the polysilicon producer with the lowest CO2 footprint worldwide. Hanwha has the right expertise to contribute to the successful reopening of Moses Lake,” said Kristian Røkke, Chief Executive Officer of Aker Horizons. “Aker Horizons has been an active owner in REC Silicon and has contributed to the strengthening of the company’s financial position, as well as the development of partnerships within battery materials and solar PV. It has been a pleasure working with the people of REC Silicon and witnessing their extensive technical and industry knowledge.”

Completion of the transactions is expected to occur before the annual general meeting in REC Silicon scheduled in May 2022, subject to a customary anti-trust filing in the US. Kristian Røkke will step down as chairman of the board of REC Silicon in connection with completion of the transaction. An extraordinary general meeting in REC Silicon will be called for to appoint new board members.

Advisors
Advokatfirmaet BAHR is acting as legal counsel to Aker Horizons.