REC ASA - Invests NOK 2.5bn in world's largest solar plant
REC expands wafer production at the Herøya site with approx 650 MW by investing an estimated NOK 2.5 billion. When up and running, total annual production will be close to 1.3 GW, making Herøya by far the largest solar production site in the world.
In order to respond to the continued strong demand for wafers, both from external customers and for own solar cell production, REC has decided to build two new plants for multicrystalline wafers at Herøya. The plants, with a combined capacity of approx 650 MW, will be located adjacent to REC's existing wafer plants and the wafer technology center. Total investments costs are estimated at NOK 2.5 billion. The two new plants will go into production Q4 2008 and Q2 2009 respectively. Annualized revenues from the new plants alone will represent between NOK 5 to 6 billion (calculated using estimated industry pricing for 2006, on long-term contracts). This expansion further strengthens REC's leading position in the global solar industry.
The expansion project will be presented in more detail at a press conference at Vika Atrium, today, Wednesday, December 13th at 12:00 hrs CET. The presentation will also be broadcasted live on the Internet. Please visit www.recgroup.com
for more details.
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 producers of solar grade silicon and wafers for solar applications. REC Solar produces solar cells and solar modules. REC Group had revenues in 2005 of NOK 2 454 million and an operating profit of NOK 601 million. Please also see www.recgroup.com