Renewable Energy Corp-REC-is one of Norway’s largest companies and has announced they will build the world’s largest solar manufacturing complex in Singapore. REC signed an agreement with the Singapore Economic Development Board to invest $4.24 billion dollars in the facility which will have a production capacity of 1.5GW. This is about 3/4 of the entire global production in 2006. Singapore was chosen after a 9 month study that reviewed over 200 possible locations for the new complex.
REC’s business model divides the business into three areas: REC-Silicon, refining silicon; REC-Wafer, silicon is melted, cooled and sliced into wafers; REC-Solar, wafers are combined into solar cells and modules. This company is the world’s largest producer of silicon for photovoltaic applications and silicon wafers. REC is unique in that it manufactures across all areas of the solar energy production chain. The new facility in Singapore will manufacture in all three areas.
As a company Renewable Energy Corp first turned a significant profit in 2006. For the first 9 months of 2007 revenues are up over 50% and profits are up over 80%. REC’s stock is traded on the Oslo Stock Exchange. The stock went public in May 2006 at 95 Norwegian Crowns and now is trading at about 270.
This article is not a recommendation to buy or sell any securities.
