REC secures a NOK 1.1 billion wafer sales contract with a new customer
Sandvika, January 3, 2011: REC continues to broaden its customer base and has
entered into a new three year multicrystalline wafer sales contract with an
Asian cell producer. Under the agreement, REC will deliver wafers worth
approximately NOK 1.1 billion from the beginning of 2011 to the end of 2013.
The agreement is structured as a three year take-or-pay contract and wafers will
be delivered based on the prevailing market prices. REC has today received the
prepayment for the contract. Total prepayment and other security related to the
contract represent approximately 10 percent of the estimated contract value.
For further information, please contact:
Mikkel Tørud, VP & IRO, phone: +47 976 99 144
About REC
REC is a leading vertically integrated player in the solar energy industry. REC
is among the world's largest producers of polysilicon and wafers for solar
applications, and a rapidly growing manufacturer of solar cells and modules. REC
is also engaged in project development activities in selected PV segments.
Founded in Norway, REC is an international solar company, employing more than
4,100 people worldwide. REC had revenues in excess of NOK 9 billion in 2009.
Please visit www.recgroup.com to learn more about REC.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Renewable Energy Corporation ASA via Thomson Reuters ONE
[HUG#1476590]
