Renewable Energy Corporation ASA (REC) has completed its site selection project and decided to establish its new worldscale integrated solar manufacturing complex in Singapore. The manufacturing complex will be developed in stages. It will incorporate wafer, cell and module production facilities and will have the potential of becoming the world’s largest complex of its kind. Fully developed, the manufacturing complex could hold a production capacity of up to 1.5 GW. Høvik, October 25, 2007: REC has today decided to establish its new worldscalesolar manufacturing complex in Singapore and has simultaneously signed an agreement with the Singaporean government agency Economic Development Board (EDB). The agreement outlines both the terms and conditions related to the development of a new production site, the process of establishing a manufacturing complex, as well as operational and commercial conditions. The decision on Singapore was made after a comprehensive 9 months’ process involving screening of more than 200 possible locations, followed by due diligence of close to 20 of them and finally negotiations with a handful of sites. REC has finalized with EDB a comprehensive support package, including incentives and grants, in the areas of tax, R&D and process improvement, as well as human resources recruitment and training. For REC, Singapore represents the ideal balance between financial return, risks and future opportunities. “The development of this site will enable us to continue expanding in a cost efficient manner and will support REC’s ambitious cost target. Our future cost position will determine our ability to deliver solar products that can compete with traditional energy sources in the sunny areas of the world without government incentives”, says Erik Thorsen, the President & CEO of REC. The project concept is finalized and pre-engineering activities have commenced. The total development will be organized in several stages through a series of interdependent projects.
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