German solar company Q-Cells SE (QCE.XE) said Wednesday it successfully completed the placement of 84,956,767 shares in Renewable Energy Corporation ASA (REC.OS).

The shares were priced at NOK 55, raising gross proceeds of approximately EUR 530 million. This placing represented Q-Cells' entire shareholding in REC, which amounted to approximately 17.2% of REC's outstanding share capital.

Citigroup, Morgan Stanley, ABG Sundal Collier, Dresdner Kleinwort/Commerzbank and UniCredit Group acted as bookrunners for the placement.

A portion of the net proceeds from the sale of REC shares will be used to repay the current drawdown of Q-Cells' syndicated credit facility (EUR 360 million).