REC ASA to File for Insolvency of Norway Solar Wafer Unit: Renewable Energy Corp. ASA, a solar- energy group gr...

REC ASA to File for Insolvency of Norway Solar Wafer Unit | Renewable Energy News Article

renewableenergyworld.com 14 Aug '12, 5pm

REC ASA to File for Insolvency of Norway Solar Wafer Unit: Renewable Energy Corp. ASA, a solar- energy group gr...

REC Wafer Norway AS’s liabilities exceeded its assets by about 1.2 billion kroner ($203 million) at the end of July, making a solvent winding-up of the unit dependent on more money from REC, the Sandvika, Norway-based group said in a statement today. Costs related to the bankruptcy are expected to be about 400 million kroner, the company said. European solar-component makers are under pressure from Chinese rivals that expanded capacity just as demand slowed, causing wafer and cell prices to plummet. Demand also shrank as France, Italy and Germany reduced subsidies to cap booming solar installations. “Although we had looked for potential savings of up to about 1 billion kroner, we believe the news is positive as REC has been somewhat vague when discussing this topic in the past,” Pareto Securities ASA said in a note to clients. The move will save REC about 800 million krone...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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