REC, the world’s largest manufacturer of multicrystalline silicon wafers for solar cells, has signed a long-term agreement with Moser Baer Photo Voltaic Ltd. (MBPV) for the supply of wafers.
The 8-year agreement is structured as a take-and-pay contract with pre-determined prices and volumes for the entire contract period. The contract has a value of approximately USD 880 million (approximately NOK 5.1 billion).
“The significant level of planned and ongoing capacity expansions has given us the flexibility to secure additional sales contracts; this will provide further visibility on future revenues and earnings. The agreement will also enable us to broaden our customer and market base even more”, says Erik Thorsen, President & CEO.
Delivery of wafers under the agreement will start in 2008 and increase over time in relation to future planned wafer production capacity increases. Prices and commercial terms are in line with contracts signed in the second half of 2006.
Moser Baer India Ltd., the parent of MBPV, is a world leader in the development and manufacturing of CD’s and DVD’s. The company has a strong future strategic focus on solar and is currently involved in both solar cell and solar module production. Moser Bear is listed in India.
“We are very happy to add Moser Baer as one of our strategic customers, a company that has a clearly proven track record of mass production of quality products”, says Ingelise Arntsen, Executive Vice President Wafers.
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