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REC crashes into NOK10bn loss in 2011

REC Group has tumbled down from a profit of NOK989 million in 2010, to a loss of over NOK10 billion in 2011 due to a “weak solar market” and “aggressive polysilicon pricing”.

By Kari Williamson

Revenues were, however, only down by 3% as volumes in part made up for falling prices. Nevertheless, REC notes that through 2011 the spot market prices fell as following:

  • Solar modules: -40%
  • Solar wafers: -70%
  • Solar polysilicon: -60%

Looking ahead, REC says it will continue its restructuring, and is considering a complete close down of solar wafer production in Norway in addition to already announced cuts.

Merger or takeover?

Interestingly, one of the points in the annual report mentions the possibility that REC may “participate in the expected industry consolidation”. Some media reports already speculate whether that means REC is open for a takeover or merger bid.

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Photovoltaics (PV)  •  Policy, investment and markets