This is the largest single investment ever made by REC, the largest clean tech investment ever made in Singapore at 2.5 billion Singapore dollars, and the third largest foreign green field investment ever made by a Norwegian company.
The facility was built 20 percent below budget. Initially volumes of 740 MW for wafers, 550 MW for cells, and 590 MW for modules were announced. The new capacity target for modules is 800 MW in 2012, representing an increase of 35% compared to the design capacity.
The facility produces more than 190,000 modules per month with a competitive cell efficiency target of 16.8 percent by 2011, an improvement over earlier production. The REC Peak Energy Series is already installed in more than twelve countries. The modules produced in 2011 at the new REC facility could throughout their lifetime offset 25 million tons of CO2 from coal fired power plants or produce enough electricity to meet the yearly energy needs of 150,000 Singaporean households.
“We are confident with the completion of REC’s plant that solar is here to stay and will be an important energy source in the coming years. REC’s high performance solar technology and Singapore’s global competitiveness together create a center of excellence that will make smart energy for a cleaner future more accessible,” said Ole Enger, CEO, REC.
This is the second world class project the company has completed in 2010, with a new silicon production facility recently opening in the US. Already a leading producer of silicon and wafers, REC is positioned to become a key player in modules aspiring to a top ten position.