REC secures a NOK 1.1 billion wafer sales contract with a new customer
Sandvika, January 3, 2011: REC continues to broaden its customer base and has entered into a new three year multicrystalline wafer sales contract with an Asian cell producer. Under the agreement, REC will deliver wafers worth approximately NOK 1.1 billion from the beginning of 2011 to the end of 2013.
The agreement is structured as a three year take-or-pay contract and wafers will be delivered based on the prevailing market prices. REC has today received the prepayment for the contract. Total prepayment and other security related to the contract represent approximately 10 percent of the estimated contract value.
For further information, please contact:
Mikkel Tørud, VP & IRO, phone: +47 976 99 144
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 4,100 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)