We increase our TP in RECSI to NOK 27 (25) on the back of Hanwha’s move to become a shareholder, creating a more vertically integrated solar manufacturing platform, and the encouraging political development in the US. Hanwha has 1.7GW of cell manufacturing capacity in the US that could serve as an end customer for ~30% of Moses Lake’s capacity. Our TP is based on an 80% chance of a reopening (up from 70%).
