Renewable Energy Corp ASA (REC) announced that the company plans to spin off its solar unit in a deal that was valued at US$133 million or NOK800 million. REC will offer 100% of its stock option in REC Solar to existing shareholders. The offering was underwritten by REC's new unit and the company's largest shareholders. The new unit will be called REC Solar and will be applied for trading on the Oslo Stock Exchange.
"By launching a pure play solar company and a pure play silicon company, both companies will be in a favorable position for attracting capital," Chief Executive Officer Ole Enger said in the statement.
The Renewable Energy Corporation (REC), with headquarters in Norway, is a solar power company that produces silicon materials for multicrystalline wafers and photovoltaics (PV) applications. The company also makes solar cells and modules. The REC business activities are divided into three groups: REC Wafer, REC Silicon and REC Solar.
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