REC terminates another long term wafer sales contract

Sandvika, Norway - REC has accepted to terminate a long term wafer sales contract and will receive a cash compensation of approximately NOK 220 million in the first quarter 2012.

The company points to the third quarter 2011 report, where REC is expecting to continue to recognize income from termination of long term wafer sales contracts. In the period 2006 - 2008, REC entered into a number of long term wafer sales contracts.

REC is a vertically integrated player in the solar energy industry. 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.

Source: IWR Online, 31 Jan 2012