REC Enters New Solar Wafer Sales Contract

Norway-based REC, a vertically integrated solar company, has entered into a new three-year multicrystalline wafer sales contract with an unnamed Asian cell producer. Under the agreement, REC will deliver wafers worth approximately NOK 1.1 billion from the beginning of this year to the end of 2013.

The agreement is structured as a three-year take-or-pay contract, and wafers will be delivered based on the prevailing market prices, REC says. The company has received the prepayment for the contract. Total prepayment and other security related to the contract represent approximately 10% of the estimated contract value.

SOURCE: REC Group

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