REC receives NOK 170 million for terminating a long term wafer sales contract
(Thomson Reuters ONE) -
Sandvika, December 20, 2011: Reference is made to the third quarter report,
where REC is expecting to continue to recognize income from termination of long
term wafer contracts.
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 will
receive a cash compensation of approximately NOK 170 million in addition to
certain deliveries of wafers going forward. Wafer deliveries under the existing
contract will continue until the end of 2011.
Approximately NOK 160 million of the income from this cancellation is expected
to be recognized in the fourth quarter 2011, and the cash amount will be
received in the first quarter 2012.
For further information, please contact:
Mikkel Tørud, VP & IRO, phone: +47 976 99 144
About REC
REC is a leading vertically integrated player in the solar energy industry.
Ranked among the world's largest producers of polysilicon and wafers for solar
applications and a rapidly growing manufacturer of solar cells and modules, REC
also engages in project development activities in selected PV segments. Founded
in Norway in 1996, REC is an international solar company, employing more than
3,900 people worldwide with revenues close to NOK 14 billion in 2010. 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
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Datum: 20.12.2011 - 08:15 Uhr
Sprache: Deutsch
News-ID 98590
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