After a successful construction and ramp-up phase, the production at REC's €1.3 billion green field, integrated wafer, cell and module production facility in Singapore will approach nameplate capacity towards year end.

REC is uniquely positioned in the solar industry with full integration of the entire PV value chain from polysilicon to modules. As previously communicated, REC has demonstrated its proprietary, low cost, fluidized bed reactor technology (FBR) in the U.S. With the new, integrated wafer, cell and module production facility in Singapore, REC is set to achieve a cost competitive position through the entire value chain from polysilicon to modules.

By the fourth quarter 2011, REC is targeting a full cost position of 97 Eurocents/watt based on the cost of manufacturing of FBR in the U.S. and wafers, cells and modules in Singapore. This cost target includes cost of sales and general administration, corporate overhead, research and development as well as depreciation. Excluding depreciation the cash cost target is an industry leading 74 Eurocents/watt. Furthermore REC plans to further leverage investments in infrastructure at the Singapore site to increase module production to 800 MW by 2012, exceeding the nameplate capacity by approximately 35 percent.

"I am impressed by the performance demonstrated by the Singapore organization during construction and ramp-up of the new facility. This achievement gives me confidence in the organization's ability to continue to improve and further strengthen REC's competitive position," said CEO Ole Enger.