Norway's Renewable Energy Corporation ASA to invest NOK1.35bn in increasing monocrystalline wafers production

Nordic Business Report, July 17, 2007

NORDIC BUSINESS REPORT-17 July 2007-Norway's Renewable Energy Corporation ASA to invest NOK1.35bn in increasing monocrystalline wafers production(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian solar technology company Renewable Energy Corporation ASA (REC) announced on Tuesday (17 July) that it has decided to invest NOK1,350m in increasing the production capacity for monocrystalline wafers at its production facility in Glomfjord, Norway.

The investment will increase the plant's production from approximately 35 MW per year to 300 MW per year. The investment will also mean that REC develops from being a monocrystalline ingot producer to being a fully integrated manufacturer of monocrystalline wafers. The investment will also increase the number of employees at the plant from the current 70 to 100.

Renewable Energy Corporation, headquartered in Hovik outside Oslo, Norway is, through its subsidiaries REC Silicon and REC Wafer, the world's largest producer of polysilicon and wafers for solar applications. Through REC Solar the group is also a producer of solar cells and solar modules. The company is listed on the Oslo Stock Exchange and traded under the ticker REC.

One British pound (GBP) is worth approximately 11.65 Norwegian kroner (NOK).

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