Sandvika, January 13, 2012: Reference is made to REC's third quarter 2011 report, where REC is expecting to continue to recognize income from termination of long term wafer sales contracts.
In the period 2006 - 2008, REC entered into a number of long term wafer sales contracts. REC has now accepted to terminate one of these contracts against a cash compensation of approximately NOK 200 million to be received in the first quarter 2012.
Including earlier received prepayments, REC expects to recognize income of approximately NOK 325 million in the first quarter 2012 related to termination of this contract.
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. 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)