REC ASA Invests in Solar Plant Destined for 1.3 GW

Hovik, Norway [] Renewable Energy Corporation (REC) plans to expand wafer production with approximately 650 megawatts (MW) by investing an estimated NOK 2.5 billion [US$400,000], bringing total annual production close to 1.3 gigawatts (GW), when up and running. REC will build two new plants for multicrystalline wafers its Heroeya site, which will be located adjacent to REC’s existing wafer plants and the wafer technology center. The two new plants will go into production Q4 2008 and Q2 2009 respectively. Annualized revenues from the new plants will represent between NOK 5 to 6 billion (calculated using estimated industry pricing for 2006, on long-term contracts).
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