REC set to achieve competitive cost position at its new integrated production facility in Singapore

* { font-family: Arial, Verdana, Helvetica; font-size: 13px;} td { padding: 3px; } }

Singapore, November 2, 2010; After a successful construction and ramp-up phase, the production at REC's EUR 1,3 billion green field, integrated wafer, cell and module production facility in Singapore will approach nameplate capacity towards year end.

REC is uniquely positioned in the solar industry with full integration of the entire PV value chain from polysilicon to modules. As previously communicated, REC has demonstrated its proprietary, low cost, fluidized bed reactor technology (FBR) in the US. With the new, integrated wafer, cell and module production facility in Singapore, REC is set to achieve a cost competitive position through the entire value chain from polysilicon to modules.

By the fourth quarter 2011, REC is targeting a full cost position of 97 Eurocents/Watt based on the cost of manufacturing of FBR in the US and wafers, cells and modules in Singapore. This cost target includes cost of sales and general administration, corporate overhead, research and development as well as depreciation. Excluding depreciation the cash cost target is an industry leading 74 Eurocents/Watt. Furthermore REC plans to further leverage investments in infrastructure at the Singapore site to increase module production to 800 MW by 2012, exceeding the nameplate capacity by approximately 35 percent.

"I am impressed by the performance demonstrated by the Singapore organization during construction and ramp-up of the new facility. This achievement gives me confidence in the organization's ability to continue to improve and further strengthen REC's competitive position" says CEO Mr. Ole Enger.

REC is from 09.00 am CET today, hosting an investor and analyst seminar in conjunction with the Grand Opening of the new production facility in Singapore. During the seminar, CEO Mr. Ole Enger and other members of the executive management team will provide an update on the REC Group including cost targets for the Singapore production facility, wafer operations in Norway as well as for the silicon facilities in the US.  An update on REC's market position and guidance for 2011 will also be provided. The presentation material containing this information is attached to this press release.

A live webcast of the event can be followed by visiting www.recgroup.com/investors.

For further information, please contact:
Mikkel Tørud, VP & IRO, tel +47 976 99 144
Peder Poulsson, Investor Relations Analyst, tel +47 950 26 311

ABOUT REC
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 4,000 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)
Singapore Field trip presentation
Attachments:
Singapore Field trip presentation