Renewable Energy Corp wins 5.3 bln nkr wafer contract from Photovoltech UPDATE
OSLO (Thomson Financial) - Renewable Energy Corporation ASA said it has been awarded a 5.3 bln nkr wafer sales contract from Belgian silicon cell producer Photovoltech.
Under the terms of the agreement, REC said it will supply Photovoltech with multi-crystalline silicon wafers until 2015.
The deal is structured as a take-and-pay contract with pre-determined prices and volumes for the entire contract period, REC said.
'This agreement secures future revenues and earnings at attractive prices and still leaves sufficient wafer volumes for internal expansions in REC's cells and module business,' said REC's chief executive Erik Thorsen.
The supply contract replaces and extends REC's existing supply relationship with Photovoltech, it said, adding that deliveries of wafers under the new agreement will commence in 2009, and increase over time to a level of about 100 MWp (megawatt peak) per year.
'Prices and commercial terms are in line with contracts signed in the second half of 2006 and earlier this year,' REC said.
In a separate statement, REC said it has chosen Singapore as the location for its new 3 bln euro solar manufacturing complex.
The new complex will incorporate wafer, cell and module production facilities, and REC says it will hold a total production capacity of up to 1.5 GW.
Following its decision, REC said it has agreed a 'comprehensive support package' with the Economic Development Board of the Singaporean government.
This, it said, includes incentives and grants in the areas of tax, R&D and process improvement, as well as human resources, recruitment and training.
Depending on the final capacity and site development, REC said total investments in the site 'may exceed 3 bln euros within the next 5 years'.
alastair.reed@thomson.com
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