Renewable Energy Corporation

Infobox_Company | company_name = Renewable Energy Corporation asa
company_type = Public (ose|REC)
company_
company_slogan =
foundation = 1996
location = Sandvika, Norway
key_people = Ole Enger (Chairman of the board),
Erik Thorsen (President and CEO) [cite news |first=Rolleiv |last=Solholm |authorlink= |coauthors= |title=REC secures major wafer sales contract |url=http://www.norwaypost.no/cgi-bin/norwaypost/imaker?id=196366 |work= |publisher=The Norway Post |date=26 September 2008 |accessdate=2008-09-28 ]
industry = Solar energy
products = Polysilicon, wafers, solar cells, solar modules
revenue = NOK 6,642 million (2007)cite web |url=http://www.recgroup.com/default.asp?V_ITEM_ID=2250 |title=Annual Report 2007 |publisher=Renewable Energy Corporation |accessdate=2008-05-27]
operating_income = profit NOK 2,588 million (2007)
net_income = profit NOK 1,333 million (2007)
num_employees = 1,800 (2007)
homepage = [http://www.recgroup.com/ www.recgroup.com]
intl = yes

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. [ [http://finance.google.com/finance?q=OSL:REC Renewable Energy Corporation ASA] ]

REC has decided to build its new worldscale integrated solar manufacturing facility in Singapore, the world’s largest integrated solar manufacturing complex [ [http://www.edb.gov.sg/edb/sg/en_uk/index/news_room/news/20060/renewable_energy_corporation.html Renewable Energy Corporation picks Singapore for world-scale integrated manufacturing complex ] ] . When completed, the manufacturing complex will incorporate wafer, cell and module production facilities, with a production capacity of up to 1.5 gigawatts (GW). [ [http://www.renewableenergyworld.com/rea/news/story?id=50475 Singapore Site of New 1.5 GW Solar Manufacturing Complex] ]

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 governmentincentives. [http://www.edb.gov.sg/etc/medialib/downloads/media_release_2007.Par.0075.File.tmp/New%20manufacturing%20complex%20to%20Singapore_FINAL.pdf]

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. [cite news |first= |last= |coauthors= |title=REC to build new silicon facility in Quebec |url= http://www.norwaypost.no/cgi-bin/norwaypost/imaker?id=187216 |work=Norway Post|date=26 August 2008 |language= |accessdate=2008-08-26 ]

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 contract with pre-determined prices and volumes for the entire contract period . [ [http://www.recgroup.com/default.asp?V_ITEM_ID=611&xml=/R/136555/PR/200806/1231201.xml REC - Press releases ] ]

ee also

*Renewable energy companies on the stock exchange
* Economic Development Board (EDB)
* Low cost solar cell
* Take-or-pay contract

References

External links

* [http://www.recgroup.com/ Corporate website]
* [http://www.oslobors.no/ob/aksje_kursutvikling?menu2show=1.1.2.1.&p_instrid=ticker.ose.REC&p_period=1D| REC stock information]