Billionaire Rokke’s First Solar Bet Returns 275% in a Month

(Bloomberg) -- It’s a relatively small bet for billionaire Kjell Inge Rokke, but the return has so far been formidable.

Rokke’s investment company Aker ASA moved swiftly last month when the biggest owner of solar industry supplier REC Silicon ASA put his stake up for sale. The polysilicon producer, which has suffered from the trade war between the U.S. and China, surged as much as 60% on Thursday after the two countries signed the first phase of a deal.

That caps a 275% return for Aker, whose 23% stake in REC has risen to about 320 million kroner ($36 million) from the 85 million kroner it cost in December. REC is the first solar investment for Aker, which is 67% owned by Rokke and focuses mostly on oil and gas.

To contact the reporter on this story: Mikael Holter in Oslo at mholter2@bloomberg.net

To contact the editors responsible for this story: Tasneem Hanfi Brögger at tbrogger@bloomberg.net, Stephen Treloar

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