REC receives USD 40 million for terminating a long-term wafer contract
Sandvika, September 19, 2011: Renewable Energy Corporation ASA (REC) has agreed to terminate a long-term wafer sales contract and receives USD 40 million cash compensation.
In the period 2006 - 2008, REC entered into a number of long term take-or pay wafer sales contracts and most of the contracts were supported by bank guarantees. REC has now accepted to terminate one of these contracts and will receive a cash compensation of USD 40 million in the third quarter 2011.
For more information, please contact;
Mikkel Tørud, VP & IRO; +47 976 99 144
Peder Poulsson, Investor Relations Analyst; +47 950 26 311
REC is a leading vertically integrated player in the solar energy industry. Ranked among the world's largest producers of polysilicon and wafers for solar applications and a rapidly growing manufacturer of solar cells and modules, REC also engages in project development activities in selected PV segments. Founded in Norway in 1996, REC is an international solar company, employing more than 3,900 people worldwide with revenues close to NOK 14 billion in 2010. Please visit www.recgroup.com to learn more about REC.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)