Update: REC to idle more Norway PV capacity as it looks east

REC says it will do "what is necessary" in Norway to develop in Singapore

REC says it will do "what is necessary" in Norway to develop in Singapore

PV group Renewable Energy Corporation (REC) saw its losses widen dramatically in the second quarter, and confirms it will lay-off even more Norwegian workers than previously announced.

REC blames its quarterly operating loss of NKr6.26bn ($1.13bn) on “sudden and significant reductions in prices and demand” across the PV industry since the beginning of 2011, leading to a series of impairment charges and write-downs.

It reported an operating deficit of NKr146m during the same period in 2010.

Chief executive Ole Enger confirmed that REC will add to its list of idled Norwegian factories by sending home 200 workers at its multicrystalline wafer plant in Glomfjord “in the near future”.

In May the Oslo-based company announced it would impose Log in to read complete article.

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