REC, which is headquartered in Oslo (Norway), said the deal was a take-or-pay contract and that it has already received a first installment payment equal to 10 percent of the total value of the deal.
In other news, the company said it is terminating a long-term wafer sales contract with an unidentified customer, and will receive approximately €39 million ($51 million) in cash compensation.
But REC noted that the customer intends to enter into a new wafer sales contract for 2011 based on current market terms.
Termination of the contract is not expected to impact overall wafer shipments planned for next year, according to the company. It reiterated that it expects to broaden its customer base next year, shipping to between 12 and 15 external customers.
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