REC Secures NOK 1.1 Billion Wafer Sales Contract with a New Customer

REC continues to broaden its customer base and has entered into a new three year multicrystalline wafer sales contract with an Asian cell producer. Under the agreement, REC will deliver wafers worth approximately NOK 1.1 billion from the beginning of 2011 to the end of 2013.

The agreement is structured as a three-year take-or-pay contract and wafers will be delivered based on the prevailing market prices. REC has has received the prepayment for the contract. Total prepayment and other security related to the contract represent approximately 10 percent of the estimated contract value.