REC Systems builds and sells 6 MW solar power plant

SANDVIKA, GERMANY: REC Systems, a business unit of Renewable Energy Corp. (REC), has sold a 6 MW solar power plant that it successfully developed, financed, and constructed in Bitterfeld, Germany to two investment companies in the Chorus Group.

Originally developed by Grüne Energien GmbH, REC Systems took full control of the project in September 2011 – when it was less than 50 percent developed – and provided the necessary project development, financing, and streamlined construction. REC completed construction of the plant in December 2011, ensuring the plant’s eligibility for the higher 2011 feed-in tariff.

The ground-mounted system in Bitterfeld consists of 27,096 high performance REC modules installed on an area of 13 hectares, with an annual capacity of approximately 6,101 MWh and 3,435 tons of CO2 emissions saved each year.

The project was sold to two investment companies in the Chorus Group, with project financing from DKB AG (Deutsche Kreditbank AG). “We are extremely happy to acquire yet another state-of-the-art solar power plant from REC Systems,” said Thomas Laumont, MD, Chorus Cleantech Management GmbH. “REC Systems’ management of the development and building of this project ensures the reliability of this solar power plant for the years to come.”

“Chorus is a knowledgeable and experienced investor in solar energy plants, valuing REC’s efficient modules and high-quality solutions. We are delighted to be their partner once again,” said Terje Pilskog, Senior Vice President, Systems and Business Development, REC.

This is not the first investment in REC modules by Chorus. In 2011, Chorus acquired several systems built in Italy by REC Systems using REC modules.