The Renewable Energy Corporation (REC) has terminated a long-term wafer sales contract with an unnamed customer. The Norweigan PV giant will receive USD$40 million in compensation, which will be paid out in Q3.
Between 2006 and 2008, REC signed a number of long-term take-or-pay wafer contracts, with the majority of these contracts supported by bank guarantees.
This article requires Premium SubscriptionBasic (FREE) Subscription
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
The contract termination comes less than a month after REC announced temporary shutdown of production capacity in Norway until the end of the year. The shutdowns represented approximately 45% of the wafer capacity in Norway, and included the oldest wafer plants at Herøya and the multi-wafer plant in Glomfjord.