REC to Build World's Biggest Solar Plant in Norway
Date: 14-Dec-06
Country: NORWAY
REC, a leading maker of such equipment, said the investment in two plants in Heroeya will expand silicon wafer production -- the key component of solar panels -- sufficient to generate an additional 650 megawatts of energy.
"When up and running, total annual production will be close to 1.3 gigawatts, making Heroeya by far the largest solar production site in the world," REC said in a statement on Wednesday.
REC said the two plants will go into production in the fourth quarter of 2008 and second quarter of 2009, respectively.
"Annualised revenues from the new plants alone will represent between 5 and 6 billion crowns, calculated using estimated industry pricing for 2006, on long-term contracts," said REC.
REC shares have jumped in recent weeks on the back of strong results, growing demand for solar power and hopes that government policy would pile cash into renewable energy to cut the use of fossil fuels and emissions of greenhouse gasses.
The company's shares were up 1.4 percent at 109.5 crowns at 0811 GMT on a weaker Oslo bourse, valuing the company at around US$8.8 billion.
