REC to close four Norwegian facilities

The board of the Norwegian Renewable Energy Corporation (REC) has decided to permanently close down four of its production facilities in Norway, resulting in the loss of 700 jobs.

This was announced in a report from the Oslo Stock Exchange on Wednesday morning.

The REC Board decided to permanently shut down the two oldest wafer plants at Herøya       (500 MW capacity), the wafer multi plant in Glomfjord (275 MWcapacity) as well as the solar cell plant in Narvik (180 MW capacity).

The reason given for the closures is overproduction of wafers on the world markets.

This leaves REC Norge with three wafer production plants at Herøya and one in Glomfjord.

REC is a leading vertically integrated player in the solar energy industry.
Ranked among the world's largest producers of polysilicon and wafers for solar
applications and a rapidly growing manufacturer of solar cells and modules, REC
also engages in project development activities in selected PV segments. Founded
in Norway in 1996, REC is an international solar company, employing more than
3,900 people worldwide with revenues close to NOK 14 billion in 2010.

(NRK/Press release)

Wednesday, 26 October 2011 07:02