REC receives USD 35 million for terminating a long-term wafer contract
(Thomson Reuters ONE) -
Sandvika, June 5, 2012: Renewable Energy Corporation ASA (REC) has agreed to
terminate a long-term wafer sales contract and has received USD 35 million cash
compensation.
In the period 2006 - 2008, REC entered into a number of long term take-or pay
wafer sales contracts and most of the contracts were supported by bank
guarantees. REC has now accepted to terminate one of these contracts and has
received a cash compensation of approximately USD 35 million.
Income from this cancellation will be recognized in the second quarter 2012.
For further information, please contact:
Mikkel Tørud, VP & IRO, phone: +47 976 99 144
About REC
REC is a leading vertically integrated solar energy company. REC produces
polysilicon, wafers, cells and modules for the solar industry, and silicon
materials for the electronic industry. REC also engages in project development
in selected PV segments. Founded in Norway in 1996, REC employs around 3,200
people globally with revenues of more than EUR 1.7 billion in 2011,
approximately USD 2.4 billion. Please visit www.recgroup.com to learn more about
REC.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Renewable Energy Corporation ASA via Thomson Reuters ONE
[HUG#1617370]
Unternehmensinformation / Kurzprofil:
Datum: 05.06.2012 - 11:04 Uhr
Sprache: Deutsch
News-ID 152991
Anzahl Zeichen: 1940
contact information:
Town:
HØVIK
Kategorie:
Business News
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