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OSLO, NORWAY - NORWAY'S Renewable Energy Corp (REC) said on Wednesday it would invest close to 13 billion Norwegian crowns (S$3.4 billion) in the first phase of a complex to produce solar wafers, cells and modules in Singapore.
REC, one of the world's biggest solar-grade silicon producers, unveiled the plan to build the Singapore complex in October last year.
'The estimated capital expenditure of close to 13 billion Norwegian crowns allows for contingencies and cost escalation due to inflation, and also includes a yet unallocated project reserve,' REC said in a statement overnight.
REC said in October last year it expected initial investment in the Singapore project to be 3 billion euros (S$6.3 billion) over the next five years.
The investment is the first in Asia for REC, which has production plants in Norway, Sweden and the United States.
Production is expected to start in the first quarter of 2010, and reach full capacity of 740 (megawatts) of wafers, 550 MW of cells and 590 MW of modules before 2012, REC said.
The annual consolidated revenues from these volumes are expected to be 10-11 billion Norwegian crowns in 2012, REC said.
The investment covers the first of several planned development phases, REC said and added it expected to decide on the next phase in 2009.
'Our entry into Singapore ensures continued revenue growth beyond the significant growth to come from all the ongoing capacity expansions across all REC's business activities,' Chief Executive Erik Thorsen said in the statement. -- REUTERS
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