REC Solar eyes 1.3GW capacity

REC Solar – the PV manufacturer created by the split of the former REC group – plans to boost module production capacity to 1.3GW to keep pace with rising demand.

REC Solar, which divided from the polysilicon business REC Silicon when it listed separately in Oslo last October, said it will invest to increase capacity to 1GW by the third quarter of this year.

The company is “exploring opportunities” for a further boost to 1.3GW by 2015.

REC Solar currently has about 800MW of capacity at its plant in Singapore.

The fledgling company posted a profit of $18.2m for the fourth quarter of 2013, before interest, tax, depreciation and amortisation (Ebitda).

Revenue was $182.4m, up 17% on the preceding quarter.

Øyvind Hasaas, CEO of REC Solar, said: "The successful IPO has established REC as a leading provider of solar energy solutions with a strong balance sheet.

“REC is now well positioned to exploit strategic and operational opportunities in the solar sector.”

He added: “2013 has been a turning point for REC after a challenging period for the solar sector. Improving market conditions, our strong market position as a supplier of high quality solar panels and continued cost reductions have contributed to the improved margins.”