REC - 5-year frame contract with Gamesa Solar

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REC Solar, a fully owned subsidiary of REC, has entered into a frame contract for supply of solar modules to Spanish Gamesa Solar, which is specializing in equipment manufacturing and construction of solar farms. The contract is for 5 years, starting in 2006. The contract value for 2006 is between EUR 25-35 million.
 
The contract with Gamesa Solar creates an important entry for REC into the Spanish market, and will secure REC Solar a broader market presence within the growing Mediterranean market. The five-year contract volume amounts to a total of approximately 50 MWp of solar modules, and is an important step in REC Solar's ongoing expansion program.
 
About REC
REC is uniquely positioned in the solar energy industry as the only company with a presence across the entire value chain. REC Silicon and REC Wafer are the world's largest producer of solar grade silicon and wafers for solar applications. REC Solar produces solar cells at its plant in Norway and solar cell modules at its facilities in Sweden. REC Group had revenues in 2005 of 2.454 MNOK and an operating profit of 601 MNOK. Please see also www.recgroup.com 
 
About Gamesa Group
Gamesa is an international corporation, focused mainly on the renewable energy sector. In this field, its activity spans from the promotion, procurement and sale of solar and wind farms to the design, manufacturing and sale of wind turbines. Gamesa reached in 2005 a turn over 1.745 million euro, 32% higher than in 2004, and a net profit of 177 million euro in 2005, 8% higher than in the previous year. Further information may be found at www.gamesa.es