Norway's REC Solar To Sell To Hong Kong's Bluestar Elkem

Posted by weijing3333 on May 14th, 2015

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Norway-based photovoltaic module manufacturer REC Solar ASA has reached an agreement to sell all of its shares to Hong Kong-based Bluestar Elkem Investment Co. Ltd.Under the terms of the deal, Bluestar Elkem will purchase 100% of the shares in a Luxembourg company to be established that will own REC Solar Holdings AS. The purchase price will reflect a premium of 22.6% and 27.1% to the one- and three-month volume-weighted average share price, respectively. The total cash value of the transaction is approximately 7.9 million.

The sale is subject to approval by an extraordinary general meeting of REC Solar, expected to be held no later than Jan. 16, 2015. The board of directors has unanimously resolved to recommend the transaction to its shareholders.In 2010, REC Solar opened an integrated wafer, cell and module manufacturing facility in Singapore, to which it has since expanded and transferred all of its European production.In 2013, REC divested itself of its silicon production business and moved its PV manufacturing operations entirely to Singapore while downsizing its Norwegian headquarters, essentially positioning itself for sale.

The silicon business was moved to the U.S.REC Solar says the transaction is not subject to any financing conditions but is subject to other customary conditions, including all required regulatory approvals. The sale is expected to be completed by April 2015. REC Solar's board of directors REC Solar expects thereafter to delist and liquidate the company and return all cash other than transaction costs to shareholders."This proposed transaction is a result of an extensive and broadly marketed process where the company has explored opportunities to maximize value for shareholders,” says Ole Enger, chairman of REC Solar.

The Los Angeles Department of Water and Power (LADWP) says it has closed the application process for its 10 MW solar feed-in-tariff demonstration program.By the end of the year, LADWP will move forward with approval and implementation of the full FIT program, which will offer 150 MW worth of renewable energy. The results of the demonstration program and bid evaluation will provide information needed on pricing mechanisms and the rate at which the rest of the 150 MW will be deployed.

LADWP staff has begun reviewing 26 applications submitted during a month-and-a-half-long bidding period and will narrow the field to a short list of proposed projects in August. The short-listed projects will undergo interconnection studies in August through September, with final contracts offered and signed in October and November.Projects will be selected based on the proposer's price and the project feasibility. Upon completion, successful projects will receive their proposed price per kilowatt-hour, fixed for up to 20 years.
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