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Hanwha Solutions President Kim Dong-kwan / Courtesy of Hanwha Solutions

By Lee Kyung-min

Hanwha Solutions, the chemical and energy affiliate of Hanwha Group, said Thursday that it has become the largest shareholder of REC Silicon, a Norway-based U.S. polysilicon manufacturer, after acquiring a 4.67 percent stake from Aker Horizons. Polysilicon is the key raw material used in producing solar panels.

The 4.67 percent stake combined with a 16.67 percent stake purchased in January increases the firm's total investment to $204 million (248 billion won) and ownership share to 21.34 percent.

Thursday's acquisition is part of the firm's efforts to rebuild the U.S. solar value chain and supply customers with "Made in America" products. It aims to create well-paying jobs for American workers and secure the supply chain for clean energy technology.

Key to achieving the goal is the implementation of a comprehensive manufacturing policy in the U.S., including the landmark Solar Energy Manufacturing for America Act (SEMA). Once implemented, the firm will lead a multi-phase, multi-billion-dollar expansion across the full solar energy supply chain.

"Our commitment to the U.S. is more serious than ever before," said Justin Lee, CEO of Hanwha Q CELLS, a green energy solution subsidiary of Hanwha Solutions.

"We plan to make investments to secure capabilities across the entire solar supply chain, with the goal of supplying our partners with 'Made in America' products that will help the U.S. regain its leadership in clean energy solutions."

REC Silicon operates two polysilicon manufacturing facilities in the U.S. ― at Moses Lake, Washington, and Butte, Montana.

Their combined annual production capacity amounts to 18,000 metric tons, including 16,000 metric tons of granular, solar-grade polysilicon at Moses Lake, and 2,000 metric tons of electronic-grade polysilicon at Butte.

"Increasing energy market turbulence tells us why securing key raw material production is so critical," a Hanwha Solutions spokesperson said. "Given the upward pressure on oil prices and scrutiny over the environmentally damaging impacts from fossil fuels, we believe that strengthening the renewable-based energy supply chain is important. Producing low-carbon solar materials is a good starting point to achieve the goal."