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.
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