REC sold out of wafers for 2010 with $450 million order from Neo Solar Power

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Neo Solar Power (NSP) has placed a $450 million multi-crystalline silicon wafer supply contract with REC ASA. The contract will start in the second half of 2009 and run through 2015. The agreement is structured as a take-or-pay contract with pre-determined prices and volumes for the entire contract period, REC said.

“Including this latest contract, most of our wafer production for 2010 has now been sold. This should give us a relatively good visibility on revenues and earnings going forward”, says Erik Thorsen, President & CEO.

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Taiwan-based NSP added four additional production lines in mid-August 2008, adding 120MW to its capacity base. Total capacity will now be 210MW for 2008. The company plans to add an additional 300MW of capacity in 2009.

NSP has secured several major long-term wafer supply deals this year to match its aggressive capacity ramp goals, including a supply deal with LDK Solar, which was a 500MW, ten-year multi-crystalline contract starting in 2009.

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