REC to deliver US$450m of wafers

SANDVIKA, NORWAY, October 6, 2008. REC has entered into a US$450 million long-term agreement for the supply of multi-crystalline silicon wafers to Taiwanese Neo Solar Power until 2015.
 
The agreement is structured as a take-or-pay contract with pre-determined prices and volumes for the entire contract period.
 
"Including this latest contract, most of our wafer production for 2010 has now been sold. This should give us a relatively good visibility on revenues and earnings going forward", says Erik Thorsen, President & Chief Executive Officer at REC.
 
The deliveries will start with limited volumes in the second half of 2009 and increase over the contract period. Prices are predetermined to go down over time and will depend on the customer's ability to utilise thinner wafers.

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