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Renewable Energy Corporation ASA: Cash compensation
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REC has agreed to terminate a long-term wafer sales contract and receives approximately EUR 39 million cash compensation. REC and the customer intend to enter into a new wafer sales contract for 2011.
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. Due to the weakening market conditions in 2009, the contracts have been re-negotiated on an ongoing basis. REC has now accepted to terminate one of these contracts and will receive a cash compensation of approximately EUR 39 million in the fourth quarter 2010. The parties have the intention to enter into a new wafer sales contract for 2011, based on current market terms.
Accounting treatment of the compensation will be evaluated before fourth quarter reporting.
REC expects to increase shipments under the existing long-term wafer sales contracts as well as further broaden its customer base. The termination of this contract is therefore not expected to have negative impact on overall wafer shipments going forward.
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. REC is among the world's largest producers of polysilicon and wafers for solar applications, and a rapidly growing manufacturer of solar cells and modules. REC is also engaged in project development activities in selected PV segments. Founded in Norway, REC is an international solar company, employing more than 4,100 people worldwide. REC had revenues in excess of NOK 9 billion in 2009. Please visit www.recgroup.com to learn more about REC.
REC has agreed to terminate a long-term wafer sales contract and receives approximately EUR 39 million cash compensation. REC and the customer intend to enter into a new wafer sales contract for 2011.
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. Due to the weakening market conditions in 2009, the contracts have been re-negotiated on an ongoing basis. REC has now accepted to terminate one of these contracts and will receive a cash compensation of approximately EUR 39 million in the fourth quarter 2010. The parties have the intention to enter into a new wafer sales contract for 2011, based on current market terms.
Accounting treatment of the compensation will be evaluated before fourth quarter reporting.
REC expects to increase shipments under the existing long-term wafer sales contracts as well as further broaden its customer base. The termination of this contract is therefore not expected to have negative impact on overall wafer shipments going forward.
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. REC is among the world's largest producers of polysilicon and wafers for solar applications, and a rapidly growing manufacturer of solar cells and modules. REC is also engaged in project development activities in selected PV segments. Founded in Norway, REC is an international solar company, employing more than 4,100 people worldwide. REC had revenues in excess of NOK 9 billion in 2009. Please visit www.recgroup.com to learn more about REC.