REC secures major wafer contract

Norwegian international producer of wafers for the solar industry, has secured a new three year multicrystalline wafer sales contract with an Asian cell producer.

Under the agreement, REC will deliver wafers worth approximately NOK 1.1 billion from the beginning of 2011 to the end of 2013.

The agreement is structured as a three year take-or-pay contract and wafers will be delivered based on the prevailing market prices. REC has today received the prepayment for the contract. Total prepayment and other security related to the contract represent approximately 10 percent of the estimated contract value.

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 4,100 people worldwide. REC had revenues in excess of NOK 9 billion in 2009.

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