REC & Suniva Sign US $300 Million Deal

Silicon wafer company REC ASA has entered into a long-term agreement for the supply of mono-crystalline silicon wafers to Suniva Inc. Under the agreement, REC will deliver wafers worth more than US $300 million through 2013.

The agreement is structured as a take-or-pay contract with pre-determined prices and volumes for the entire contract period. Deliveries to Suniva will start in 2009 and increase over the contract period. Prices and other commercial terms are in line with contracts signed since 2006 and include the security of a bank guarantee covering a significant part of the contract volume. Prices are pre-determined to go down over time and will be dependent on reduced wafer thickness.

“This contract is aligned with our increasing presence in the high efficiency monocrystalline cell segment and comes in addition to the significant contract portfolio signed to date,” said Erik Thorsen, president and CEO of REC.

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