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Renewable Energy Corporation asa
Type Public (OSE: REC)
Founded 1996
Headquarters Sandvika, Norway
Key people Dag J. Opedal (Chairman of the board), Ole Enger (President and CEO)
Industry Solar energy
Products Polysilicon, wafers, solar cells, solar modules
Revenue NOK 8,191 million (2008)[1]
Operating income NOK 2,529 million (2008)[1]
Profit NOK 3,064 million (2008)[1]
Employees 2,350 (2008)[1]

The Renewable Energy Corporation (REC) is a solar power company with headquarters in Norway. REC produces silicon materials for photovoltaics (PV) applications and multicrystalline wafers, as well as solar cells and modules. REC's business activities are organized into three divisions: REC Silicon, REC Solar, and REC Wafer.[2]

REC has decided to build its new worldscale integrated solar manufacturing facility in Singapore, the world’s largest integrated solar manufacturing complex [3]. When completed, the manufacturing complex will incorporate wafer, cell and module production facilities, with a production capacity of up to 1.5 gigawatts (GW).[4]

The development of this site will enable REC’s ability to deliver solar products that can compete with traditional energy sources in the sunny areas of the world without government incentives. [5]

In August 2008 REC made the decision to build a new facility for silicon manufacturing expansion in Bécancour, Quebec, Canada. Included in the decision is a 20-year power contract with Hydro-Québec for the delivery of electricity at a competitive industrial rate.[6]


Commercial Agreements

REC has entered into a significant long-term agreement for supply of mono-crystalline silicon wafers to Suniva, Inc. Under the agreement, REC will until 2013 deliver wafers worth more than USD 300 million.

REC has also entered into a significant long-term agreement for supply of mono-crystalline silicon wafers to China Sunergy Co. Ltd. Under the agreement, REC will until 2015 deliver wafers worth more than USD 400 million . It is structured as a take-or-pay contract with pre-determined prices and volumes for the entire contract period .[7]

See also


External links



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