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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  REC Silicon ASA    REC   NO0010112675


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Renewable Energy Corporation ASA : REC powers a new 5.8 MW solar plant in Rajasthan, India

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04/22/2013 | 06:03am EDT

New Delhi - April 22, 2013: REC, a leading global provider of solar electricity solutions, delivered 5.8 MW of solar panels for a power plant owned and operated by BMD Pvt Ltd, a market leader for automotive furnishings and part of the LNJ Bhilwara Group.

The ground-mounted system is located at Gajner, south-east of Bikaner, Rajasthan and was officially inaugurated by Mr L N Jhunjhunwala, Chairman Emeritus of the LNJ Bhilwara Group, at a ceremony on April 20, 2013 with close to 50 guests. "We are delighted to have provided REC Peak Energy Series solar panels for this project in record time", commented Anil Yadav, Head of India Market, REC. "We expect the plant to operate efficiently for more than 25 years and to reduce CO2 emissions by around 7,272 tons per year."

Built by AEG Power Solutions Group, the plant comprises 23,200 REC Peak Energy Series solar panels and is expected to generate over 9,700 MWh of clean, green electricity every year. The construction of the installation was completed in just four months from start to finish.

"The solar panel supplier has to meet specific criteria of performance & reliability and we are happy that REC fulfills all of them," said Shantanu Agarwal, Executive Director, BMD. "One of the decisive factors for selecting REC solar panels was that we get the maximum yield which in turn translates to more tradable Renewable Energy Certificates (RECs). Since these certificates have a fixed price in a specific time frame, the aim is to maximize the return of investment within this time period and therefore, REC is the right choice."

REC expects the Indian market to grow to 1.6 to 1.8 GW in 2013, as the country gets ready to enter Phase II of its National Solar Mission. "The market in India has strong potential since solar electricity solutions are needed to power India's future. At the same time, however, there is a lot of uncertainty in this young market because financing is still challenging and due to the emerging trade dispute", underlines Luc Graré, Senior Vice President Solar Sales and Marketing, REC. "We strongly believe in open and fair competition, and a trade war is not in the interest of the Indian solar industry."

For further information please contact:

Anja Hesse
Public Relations Manager, REC Solar Sales and Marketing GmbH
Leopoldstr. 175, 80804 Munich, Germany
Phone +49 89 54 04 67 223 
Email anja.hesse@recgroup.com

About REC:
REC is a leading global provider of solar electricity solutions. With nearly two decades of expertise, we offer sustainable, high-performing products, services and investment opportunities for the solar and electronics industries. Together with our partners, we create value by providing solutions that better meet the world's growing electricity needs. Our 2,300 employees worldwide generated revenues of more than NOK 7 billion in 2012, approximately EUR 1 billion or USD 1.3 billion.

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