REC extends temporary shutdown of production capacity

SANDVIKA, NORWAY: Renewable Energy Corp. ASA (REC) has extended temporary shutdown of its production capacity. REC had earlier announced temporary shutdown of production capacity in Norway throughout the third quarter.

Market prices have stabilized but not recovered over the last few months, and REC has therefore decided to extend the capacity shutdowns in Norway until year end. The shutdowns represent approximately 45 percent of the wafer capacity in Norway, and include the oldest wafer plants at Herøya and the multi wafer plant in Glomfjord in addition to the cell plant in Narvik. Approximately 600 employees are expected to be affected by the extended temporary lay-offs. REC continues to evaluate the appropriate plant structure in Norway going forward.

REC Silicon's facilities in the US, and the integrated wafer, cell and module production facility in Singapore continue to operate at full capacity.