Sandvika, January 4, 2012: To reduce its exposure towards a continued weak spot market for wafers, Renewable Energy Corporation ASA (REC) has decided to initiate a process with the trade unions, with the intention to temporary halt 50 percent of the capacity of the 300 MW monocrystalline wafer facility in Glomfjord, Norway throughout the first quarter 2012. The temporary shutdown is expected to affect approximately 65 employees.
On November 29, REC announced temporary halt of 60 percent of the production at the 650 MW multicrystalline wafer facility at Herøya, Norway. After these adjustments REC expects to produce approximately 105 MW of multi- and monocrystalline wafers in Norway in the first quarter 2012.
The integrated wafer, cell and module facility in Singapore (700 MW annual wafer to module capacity) and the polysilicon facilities in the US (19.000 MT annual polysilicon capacity) continues to operate at full capacity.
For more information, please contact:
Mikkel Tørud, VP Investor relations; +47 976 99 144
For press and media, please contact:
John Andersen, Jr., Group COO & EVP Wafer, Cells and Modules; +47 901 74 080
REC is a leading vertically integrated player in the solar energy industry. Ranked among the world's largest producers of polysilicon and wafers for solar applications and a rapidly growing manufacturer of solar cells and modules, REC also engages in project development activities in selected PV segments. Founded in Norway in 1996, REC is an international solar company, employing more than 3,900 people worldwide with revenues close to NOK 14 billion in 2010. 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)