Kjørbo, April 21, 2008: REC has entered into a significant long-term agreement for supply of multi-crystalline silicon wafers to an existing customer. Under the agreement, REC will until 2013 deliver wafers worth about NOK 2 billion.
REC, the world's largest manufacturer of multicrystalline silicon wafers for solar cells, has signed a long-term agreement for the supply of wafers with one of its major existing customers. The agreement is structured as a take-and-pay contract with pre-determined prices and volumes for the entire contract period. Deliveries of wafers under the new agreement will start in 2009 and run until 2013, with a total contract value of about NOK 2 billion.
Supply under the new agreement comes in addition to the volumes delivered under the existing contract.
REC is uniquely positioned as one of the most integrated company in the solar energy industry. REC Silicon and REC Wafer are the world's largest producers of polysilicon and wafers for solar applications. REC Solar produces solar cells and solar modules and engage in project development activities in selected segments of the PV market. REC Group had revenues in 2007 of NOK 6,642 million and an operating profit of NOK 2,588 million. Please also see www.recgroup.com
For further information please contact:
Erik Thorsen, President & CEO; +47 907 56 685
Jon André Løkke, SVP & Investor Relations Officer; +47 907 44 949