REC looks to Asia for module sales

REC chief executive Ole Enger says the Norwegian PV group is making significant strides in selling into Asia, but the company's top line remains under heavy pressure amid ongoing declines in module and polysilicon prices.

REC’s revenues fell to NKr1.28bn ($220m) in the first quarter – down 24% sequentially, and a far cry from the NKr2.14bn it took in during the same period a year ago.

The drop came amid a 4% quarter-on-quarter price decrease for its modules, and a 9% drop for its polysilicon.

REC’s top line was also negatively impacted by  its decision in January to “temporarily” mothball its Siemens-based polysilicon production in the US state of Washington, which has become uncompetitive in the face of ferocious price declines across the polysilicon market.

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