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REC To Expand Production by 100 MW

June 20, 2008 | 2 Comments

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Sandvika, Norway [RenewableEnergyWorld.com] Renewable Energy Corporation (REC) has decided to invest up to NOK 400 million [US $77 million] to upgrade and extend the existing production capacity at its Heroya wafer production facility. The production capacity at the existing plant will be expanded by approximately 100 megawatts (MW). Construction is scheduled to start towards the end of the third quarter 2008. The additional production capacity will come on-line towards the end of 2009.

"The project cost levels should enable us to compete profitably at grid-parity prices in several markets, which is essential in building a robust business case."

-- Erik Thorsen, President & CEO, REC ASA

In a related story, REC announced that it has decided to invest close to NOK 13 billion [US $2.5 billion] in the first phase of an integrated manufacturing complex for production of solar wafers, cells and modules in Singapore. The investment is funded through debt financing and the company's cash flow. Production is expected to start in the first quarter 2010 and reach full capacity of 740 MW of wafers, 550 MW of cells and 590 MW of modules by 2012.

"This investment supports REC's position as a leading provider of highly competitive solar energy solutions, and in achieving our main corporate goals of reducing costs and securing profitable growth. The project cost levels should enable us to compete profitably at grid-parity prices in several markets, which is essential in building a robust business case," said Erik Thorsen, president and CEO of REC ASA

Solar Energy

2 Reader Comments

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1 of 2

b-p-solar-72512

June 20, 2008

This is great, I really like what these guys are doing, keep it up!

Comment
2 of 2

glenn-andersen-47991

June 25, 2008

Norway, with a population of about 5 million, is investing $2.5 billion to produce PV products.

For the U.S., with a population over 300 million, that would be equivalent to investing $150 billion in renewables. Oh, I forgot, we have to use that much money to occupy a country that doesn't want us there anymore.

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