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A NORWEGIAN energy company on Friday broke ground on a two billion US dollar (S$3 billion) plant in Singapore that will produce solar wafers, cells and modules.
Renewable Energy Corporation (REC) said the three billion Singapore dollar facility, which comprises the first phase of the Norwegian firm's planned investment in Singapore, would start operations in the first quarter of 2010.
It is expected to produce 740 megawatts of wafers, 550 megawatts of cells and 590 megawatts of modules by 2012. Estimated annual turnover is between 2.5 and 3.0 billion Singapore dollars, it said.
The products will be sold in the international energy market, where the share of solar power is expected to grow as the world looks for alternative energy sources to reduce global warming.
Singapore Trade Minister Lim Hng Kiang said at the groundbreaking ceremonies that REC's investment was one of the biggest ever in the city-state and reflects confidence in the country amid an economic slowdown.
He said the investment, expected to create 1,300 jobs, was in line with Singapore's efforts to become a centre for the development of clean energy sources, including harnessing the power of the sun.
'Despite the near-term challenges caused by the financial crisis, the long-term prospects for the global clean energy industry remain bright,' Lim said.
The solar energy industry has been growing at an average 40-50 percent since 2002, REC said.
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