REC Solar sees positive impact from having new Chinese parent

THE acquisition of REC Solar by China National Bluestar will have only a positive impact on its operations in Singapore. Expansion will continue as planned, and having the Chinese connection could in fact open up opportunities in China, said REC Solar chief executive Martin Cooper.

The solar-panel maker is being acquired by China National Bluestar, a unit of China National Chemical Corp, in a US$640 million deal that has been unanimously recommended by REC Solar's board. The purchase is being made through silicon maker Elkem, another Norwegian asset that China National Bluestar had bought in 2011 for US$2 billion.

REC Solar, whose S$2.5 billion integrated plant in Singapore is the largest globally outside of China, will have a headcount of 1,800 by the end of this year.