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Annual Report 2009

The REC Group achieved revenue growth of 12 percent to
NOK 9,156 million in 2009. Increased production in all business
segments offset considerable declines in average selling prices,
brought about by modest demand growth and oversupply after
years of strong growth in the PV solar market.

These are some of the highlights from 2009:

  • Challenging markets and considerable
    decline in product prices
  • Agreed to major adjustments to terms
    in long-term wafer contracts
  • Continued growth in production but
    lower capacity utilization
  • Operating results negatively affected
    by production ramp-up, expansion
    costs, provisions, write-downs, and
    impairment
  • Peak investment level for construction
    of next-generation plants
  • Long-term market fundamentals
    strengthened as lower module prices
    improve the competitiveness of PV
    technology
  • Agreed on committed term sheet for
    new credit facilities and decided on
    fully underwritten rights issue on
    March 30, 2010