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REC predicts solar wafer price deline, but nevertheless touts strong earnings

Renewable Energy Corp. ASA, the Norwegian maker of solar energy components, is predicting that prices for polysilicon, wafer and module prices will decline by five percent in the early months of 2011, due in part to cut in clean-energy supports in Spain and Germany.
REC predicts solar wafer price deline, but nevertheless touts strong earnings

But if prices were the sobering aspect of financial results released by REC this morning, the company went on to report that overall, its revenues were up 56 percent from 2009 – strong growth that more than offset the price reductions.

According to the company, REC’s average selling price for its solar technologies is expected to have declined five percent since the fourth quarter of last year.

While changes and uncertainty over supports for renewables in key markets were cited as a major cause of the price plunge, also weighing significantly on the company is increased competition from China.

The company also said it saw strong growth in the sector as 2010 came to an end, with fourth quarter demand mainly driven by Germany, Italy, US, Japan and the Czech Republic.

REC also announced that scheduled maintenance at its Silicon III and Silicon IV silane gas facilities will reduce polysilicon production volumes in the first quarter from the previous quarter.

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Renewable Energy Corp.
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