Sandvika, December 22, 2010: REC has entered into a two year multicrystalline wafer sales contract with an Asian cell and module producer. Under the agreement, REC will deliver wafers worth approximately NOK 1.2 billion from beginning of 2011 to the end of 2012.
The agreement is structured as a two year take-or-pay contract and wafers will be delivered based on the prevailing market prices. REC has today received the first installment of a prepayment totaling approximately 10 percent of the estimated contract value.
As REC's wafer production continues to grow, REC expects to increase shipments under the existing long-term wafer sales contracts as well as further broaden its customer base. In 2011, REC expects to deliver wafers to some 12-15 external customers with no single customer representing more than approximately 10 percent of the total wafer production in Norway.
For further information, please contact:
Mikkel Tørud, VP & IRO, phone: +47 976 99 144
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)
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Source: Renewable Energy Corporation ASA via Thomson Reuters ONE