Reference is made to the third quarter 2011 report, where REC is expecting to continue to recognize income from termination of long term wafer sales contracts.
In the period 2006 - 2008, REC entered into a number of long term wafer sales contracts. REC has now accepted to terminate one of these contracts and will receive a cash compensation of approximately NOK 220 million in the first quarter 2012.
For further information, please contact:
Mikkel Toerud, VP & IRO, phone: +47 976 99 144
About REC
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.
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Source: Renewable Energy Corporation ASA via Thomson Reuters ONE