An unidentified Asian-based solar cell and module manufacturer has placed a two year multi-crystalline wafer sales contract with REC, valued at approximately US$200 million (NOK 1.2 billion) over two years. The contract begins from the beginning of 2011 to the end of 2012.
REC said the deal was a take-or-pay contract and had already received the first instalment of a 10% prepayment of the total deal.
In separate news, REC has agreed to terminate a long-term wafer sales contract with an unidentified customer. The company will receive approximately €39 million in cash compensation for the contract termination.
However, REC noted that the customer intend to enter into a new wafer sales contract for 2011. Termination of the contract was not expected to impact overall wafer shipments planned for next year, according to the company.
REC reiterated that it expected to increase wafer shipments and broaden its customer base in 2011, shipping to between 12 and 15 external customers.
