REC set to achieve competitive cost position at...
Singapore, November 2, 2010; After a successful construction and ramp-up phase,
the production at REC's EUR 1,3 billion green field, integrated wafer, cell and
module production facility in Singapore will approach nameplate capacity towards
year end.
REC is uniquely positioned in the solar industry with full integration of the
entire PV value chain from polysilicon to modules. As previously communicated,
REC has demonstrated its proprietary, low cost, fluidized bed reactor technology
(FBR) in the US. With the new, integrated wafer, cell and module production
facility in Singapore, REC is set to achieve a cost competitive position through
the entire value chain from polysilicon to modules.
By the fourth quarter 2011, REC is targeting a full cost position of 97
Eurocents/Watt based on the cost of manufacturing of FBR in the US and wafers,
cells and modules in Singapore. This cost target includes cost of sales and
general administration, corporate overhead, research and development as well as
depreciation. Excluding depreciation the cash cost target is an industry leading
74 Eurocents/Watt. Furthermore REC plans to further leverage investments in
infrastructure at the Singapore site to increase module production to 800 MW by
2012, exceeding the nameplate capacity by approximately 35 percent.
"I am impressed by the performance demonstrated by the Singapore organization
during construction and ramp-up of the new facility. This achievement gives me
confidence in the organization's ability to continue to improve and further
strengthen REC's competitive position" says CEO Mr. Ole Enger.
REC is from 09.00 am CET today, hosting an investor and analyst seminar in
conjunction with the Grand Opening of the new production facility in Singapore.
During the seminar, CEO Mr. Ole Enger and other members of the executive
management team will provide an update on the REC Group including cost targets
for the Singapore production facility, wafer operations in Norway as well as for
the silicon facilities in the US. An update on REC's market position and
guidance for 2011 will also be provided. The presentation material containing
this information is attached to this press release.
A live webcast of the event can be followed by
visitingwww.recgroup.com/investors.
For further information, please contact:
Mikkel Tørud, VP & IRO, tel +47 976 99 144
Peder Poulsson, Investor Relations Analyst, tel +47Â 950 26 311
ABOUT REC
REC is a leading vertically integrated player in the solar energy industry. REC
is among the world's largest producers of polysilicon and wafers for solar
applications, and a rapidly growing manufacturer of solar cells and modules. REC
is also engaged in project development activities in selected PV segments.
Founded in Norway, REC is an international solar company, employing more than
4,000 people worldwide. REC had revenues in excess of NOK 9 billion in 2009.
Please visitwww.recgroup.com to learn more about REC.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1457823]
Singapore Field trip presentation:
http://hugin.info/136555/R/1457823/397391.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Renewable Energy Corporation ASA via Thomson Reuters ONE
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