REC wins €500 million wafer supply deal with Solland Solar

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As part of Solland Solar Cells’ planned capacity
ramps, the crystalline silicon cell producer has secured a new and
extended multi-crystalline silicon wafer supply deal with Renewable
Energy Corp (REC) that runs through 2015 and is worth approximately
€500 million to the company. The agreement is structured as a
take-and-pay contract with pre-determined prices and volumes for the
entire contract period.

 

“We have had a supply relationship with Solland since
they started their production in 2005 and are very encouraged by this
opportunity to extend our relationship and contribute to Sollands
ambitious growth plans”, says Ingelise Arntsen, Executive Vice
President, REC Wafer.

Solland Solar, started production in 2005
with a target of 60MWp production capacity in 2007, and a 170MWp target
in 2008. By 2010, Solland Solar is targeting production to reach
500MWp. 

The supply contract replaces and extends REC’s
existing supply relationship with Solland. Deliveries of wafers under
the new agreement will increase over time, and will level out at around
80MWp per year. Prices and commercial terms are in line with contracts
signed in the second half of 2006 and earlier this year.

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