Norwegian solar energy company Renewable Energy Corporation, or
REC, (REC.OS) Wednesday said it has entered into a two year
multicrystalline wafer sales contract with an Asian cell and module
producer worth around NOK1.2 billion ($201.3 million).
The contract will run from the beginning of 2011 to the end of
2012 and is structured as a take-or-pay contract with wafers
delivered at the prevailing market price. REC has already received
a payment of 10% of the contract, as a first installment.
The client wasn't named.
"As REC's wafer production continues to grow, REC expects to
increase shipments under the existing long-term wafer sales
contracts as well as further broaden its customer base," REC said
in a statement.
The company added that in 2011, they expect to deliver wafers to
about 12-15 external customers. They also said that it is expected
that no single customer would represent more than around 10% of the
total wafer production in Norway.
-By Erik Durhan, Dow Jones Newswires; +46-8-5451-3091;
erik.durhan@dowjones.com